Commenting on the commitment to invest £9.4 billion in Carbon Capture and Storage over the spending review period years Simon Virley CB, Vice Chair and Head of Energy and Natural Resources at KPMG UK, said:
"The UK has unique geology and geography to enable it to be a world leader in Carbon Capture and Storage (CCS). Today’s Spending Review announcement provides a potential route forward for the Track 2 clusters in Scotland and on Humberside, as well as for more emitters in the Track 1 clusters of Hynet and Teesside. This is very welcome news.
“However, if we are going to build a successful CCS industry in the UK over the longer term, we need to repeat what we have achieved with solar and wind over the past decade and scale up this industry over the next decade to get costs down and avoid the ‘stop-start’ approach to policy that has plagued the CCS sector in the past.”
-ENDS-
Notes to editors:
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About KPMG in the UK:
KPMG LLP, a UK limited liability partnership, operates across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.99 billion in the year ended 30 September 2024.
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