A major expansion of energy from renewable sources and the launch of the competition to build one of the worlds first carbon capture and storage (CCS) plants were among the measures set out in a major speech on climate change by the Prime Minister.
The speech comes on the day the Commission on Environmental Markets and Economic Performance (CEMEP) publishes its Government-commissioned report setting out the steps needed to unlock the business opportunities that exist in tackling climate change.
Business and Enterprise Secretary John Hutton said:
"The direct link between tackling climate change and long-term wealth creation is now beyond doubt. The business opportunities, once fully unlocked, will be vast.
"Pioneering low carbon technologies, including renewables, CCS and, subject to our decision, new nuclear, will help secure diverse future energy supplies while tackling climate change. In a global market the UK’s expertise in developing these technologies will also open up business worth billions.
"With China alone building an average of two coal-fired power stations every week, the development in the UK of technology to capture and safely store up to 90% of CO2 emissions is critically important. The launch of the competition puts the UK on track to build within seven years one of the worlds first commercial-scale CCS projects on a coal-fired power station.
"The CEMEP recommendations will be central to helping the government give business the long term certainty they need to invest in the development of cost-effective solutions to environmental problems."
Developments announced by the Prime Minister include:
- Tidal lagoons and barrages below one gigawatt capacity will receive extra support through the Renewables Obligation, potentially benefiting lagoons proposed for Rhyl, Swansea Bay and elsewhere.
- This follows the previous announcement by John Hutton of a feasibility study into the possibility of generating tidal energy from the river Severn. A Severn barrage of potentially 8.6GW capacity could generate 5 per cent of Britain’s electricity;
- The launch of the Governments Carbon Capture and Storage competition. This follows the previous announcement by John Hutton that the project should demonstrate post-combustion CCS on a coal-fired power station, with CO2 stored offshore. Post-combustion technology is the most globally relevant technology. It can be retro-fitted to the vast proportion of existing and planned coal-fired power stations globally and it complements the developments in Norway and the United States of alternative CCS technologies; and,
- Following consideration of the responses to its consultation, the Government will announce a decision on future nuclear power in the New Year.
- The overall added value in the low carbon energy industry could be as high as $3 trillion per year worldwide by 2050, employing more than 25 million people. The opportunities could be even greater as low-carbon technologies become pervasive across the economy;
- To seize these opportunities the UK needs to match the leading locations in the world to innovate and do business in environmental markets. We must attract the investment to help create tomorrows prosperity, jobs and cleaner environment; and,
- Action is needed to create a clear and credible environmental policy framework and to provide increased support for innovation. In particular there should be greater use of the public sectors £150 billion spending power to create lead markets for new products.
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