Carbon capture ‘worth trillions’

The Southern North Sea (SNS) could provide the east of England with an environmentally-friendly offshore business opportunity which is potentially bigger than the oil extracted from the region, according to Lord Oxburgh.

Lord Oxburgh, chair of the Carbon Capture and Storage association, told the East of England Energy Groups SNS conference that capture and storage of carbon dioxide could be a huge business opportunity.

“It will be a big, trillion-dollar business if we tackle it and there could be many benefits for the east of England. If not, we are in for a tough time,” he said. He said that use of fossil fuels would continue for many decades despite attempts to cut dependence on them and that it might be necessary to sequester carbon released by the burning of these fuels. However, he said that government intervention was essential to help the carbon capture and storage industry take off.

Lord Oxburgh said: “The longer we take to do it the more extreme the effects on our children, grandchildren and their children.” He added: “It can be relieved by reducing emissions with carbon capture and storage but that depends on a commercial incentive to do it.”