Industria Mundum AG (IMAG) is pleased to announce that it has successfully completed the performance of a study looking at the macroeconomic case for Carbon Capture and Storage (CCS) in the UK. This work has been performed under the framework agreement concluded between Summit Power Caledonian UK Ltd (Summit) and IMAG.
For perhaps too long, CCS has been viewed from the narrow perspective of power generation and its relative cost versus alternative low-carbon generation technologies. Too little effort has been expended in assessing the value that CCS can bring to society and the economy at large through its broad applicability across multiple sectors, including industrial processes, fuel production, the hydrogen economy, heating, transportation and power generation as well as its potential to deliver industrial quantities of negative emissions when combined with biomass.
The work that has been done evaluates the application of CCS across these sectors in the UK (broadly in line with the Committee on Climate Change projections and complimenting other decarbonisation strategies) and links carbon capture projects located at industrial clusters along the East Coast of the UK to CO2 Storage sites in the Central and Southern North Sea.
The work quantifies, for the first time, the benefits that could be derived from a systematic implementation of CCS projects and infrastructure in the UK, accessible to all the target sectors. The assessments confirm that the economic and societal benefits far outweigh the costs both in the shorter and longer terms by as much as 5:1.
Industria Mundum AG is a company incorporated in Switzerland providing professional services in support of low-carbon investments and initiatives in the private and public sectors. Its activities range from consultancy and advisory services through to project development.