Did You Know Britain Has More Storage Space For Waste CO2?
Did you know that the North Sea could provide Britain with a natural resource worth as much as £10 billion a year if the Government exploits it as a store for carbon dioxide (CO2), according to The Times?
Britain has more storage space for waste CO2 than all of the other northern European countries combined, with the exception of Norway, according to research that suggests carbon capture and storage could be one of the boom industries of the next 20 years.
At the British Science Festival in Guildford in September, it was announced that the existence of suitable rock formations beneath the British seas – mainly in the North Sea – means that Britain could make as much as £5 billion a year from selling licenses to store CO2 to countries such as Germany, Denmark and Poland.
While technology for removing CO2 from fossil fuel-fired power stations already exists, it’s currently very expensive, adding about a third to electricity bills. The cost, however, is forecast to plummet over the next two decades, creating a new market for storing this waste CO2 safely that Britain is ideally placed to benefit from.