The UK has made a binding commitment to reach net zero emissions by 2050 and Carbon Capture and Storage (CCS) is seen as a key component of getting there. In the March 2020 spring budget statement the UK Government committed a minimum spending of £ 800million to promote the development of CCS and help address the concerns regarding the cost of CCS. Here we find that a Government investment of £ 1.75 billion in critical CO2 transport and storage infrastructure over a 6 year period can be an effective stimulus to the economy while importantly laying the foundations for reducing emissions from key industries over the coming decades. Ultimately, the cumulative 30-year GDP boost associated with the investment equates to around £ 0.2 million of cumulative GDP per £ million spent in a time frame up to 2026. Importantly given current COVID-19 related circumstances, the investment can lead to the almost immediate creation of thousands jobs in a number of sectors. Over a 6 year period the job creation associated with the expansion leads to an additional 3,850 full-time equivalent (FTE) jobs in the first year, between 2,250 and 2,670 additional FTE jobs in each of the subsequent 4 years, and 1,700 in 2026. The societal return is the transitory creation of one additional job per £ 1million spend in the 6 year time frame. As is common with any large public investment, consideration should be given to the subsequent effects on prices and exports which may be constrained as a result. Beyond our analysis, a key question remains how a large-...
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Round-ups are the summaries of handpicked papers around trending topics published every week. These would enable you to scan through a collection of papers and decide if the paper is relevant to you before actually investing time into reading it.
Coronavirus Research Articles published between Sep 27, 2021 to Oct 03, 2021
Sep 27, 2021
Articles Included: 4
Zhanlin Ding et al. (2021) described synthesis of dual-phase Ti3O5/Ti4O7 nanofibers for efficient adsorption of SARS-CoV-2. In this study, they synthe...Read More
Climate change Research Articles published between Sep 27, 2021 to Oct 03, 2021
Sep 27, 2021
Articles Included: 3
In ‘Efficiency assessment of coal mine use and land restoration’, Chiu and colleagues (2021) reported that coal burning is still the main source of po...Read More
Quality Education Research Articles published between Sep 27, 2021 to Oct 03, 2021
Sep 27, 2021
Articles Included: 5
In ‘Online Learning Effectiveness During the COVID-19 Pandemic’, researchers reported that this paper is set out to explore the students’ attitudes to...Read More