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How is Planned Public Investment to Enable CCS Likely to Impact the Wider UK Economy

Publication Date Jul 1, 2020

Abstract

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 £1.75billion 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 £0.2million 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-scale ...

Concepts
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Carbon Capture And Storage
Additional Job
Public Investment
Cost Of Carbon Capture And Storage
Development Of Carbon Capture And Storage
Full-time Equivalent
Full-time Equivalent Jobs
Large Public Investment
Societal Return
Cumulative GDP

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