The Department for Business, Energy & Industrial Strategy (BEIS) is seeking views on its initial proposals for a business model to attract private investment and enable Greenhouse Gas Removal (GGR) projects to be deployed at scale from the mid-to-late 2020s.
As recently highlighted by the CCC, GGR technologies are set to play an increasingly important role in the UK reaching its climate targets. The GGR Business Model aims to overcome some of the immediate financial barriers to the deployment of engineered GGRs, which in time will become integrated into a market, such as the UK ETS, allowing the costs to therefore be borne by polluting sectors.
For context, BEIS analysis suggests that 75-81MtCO2 of engineered removals will be required annually by 2050 to balance residual emissions from hard-to-abate sectors. Engineered GGRs such as Direct Air Carbon Capture and Storage (DACCS) and Bioenergy with Carbon Capture and Storage (BECCS) are not currently deployed in the UK.