Industria Mundum AG (IMAG) has entered into a framework Agreement with Summit Power Caledonian UK Ltd (Summit) to provide advisory and support services in relation to the planned development of the Caledonia Clean Energy Project (CCEP) at Grangemouth in Scotland, a ground-breaking Carbon Capture project that would produce ca. 1GW of low-carbon electricity with the potential to provide low-carbon hydrogen for heating and transport uses. As a first step IMAG will participate in a study looking at the macroeconomic case for Carbon Capture and Storage (CCS) in the UK.
The need for CCS as a key strategy in achieving the UK’s greenhouse gas emissions targets has been widely made including most recently by the UK Committee on Climate Change in its June 2017 report to Parliament “Meeting Carbon Budgets; Closing the Policy Gaps”. Despite this, questions remain around CCS affordability and the urgency of its deployment. The present Study aims to tackle these questions from the wider macroeconomic perspective and to highlight the societal and economic benefits of CCS versus alternative decarbonisation strategies.
“We are delighted to be supporting Summit on the Caledonian Clean Energy Project and on progressing the macroeconomic case for CCS in the UK. The potential for CCS to address carbon emissions reduction across the economy is huge when considering its application to industrial processes, fuel production, the hydrogen economy, heating, transportation and power generation including its ability to deliver significant negative CO2 emissions when combined with biomass usage.” (Leigh Hackett, IMAG)
The study will also evaluate how progressive investments in CCS projects and infrastructure could deliver a CCS network along the East Coast of the UK. Once fully deployed the network would link carbon capture projects located at industrial clusters along the East Coast, including Grangemouth, Caledonia, and St Fergus in Scotland along with Teesside, Humberside and the South East in England to CO2 Storage sites in the Central and Southern North Sea.
“We are very pleased to have IMAG supporting us as we progress the Caledonian Clean Energy Project. Their extensive background in CCS and direct experience in developing CCS projects in the UK is particularly relevant to our development activities at Grangemouth.” (Stephen Kerr, Project Director CCEP)
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.