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What is the difference between value and cost? When a technology like CCS is indispensable to the UK economy (high-value), what role does the cost play?
The UK Government published its Industrial Strategy Green Paper a few weeks ago, emphasising the need to reduce the cost of energy and decarbonisation in the power and industrial sectors. There is overwhelming evidence showing that CCS is one of the most valuable solutions to achieving this goal – for example the Committee on Climate Change has concluded that CCS has the potential to halve the cost of meeting the UK’s 2050 climate change target.
However, to realise the tremendous value of CCS, we need to tackle the perception that CCS is high-cost.