22:12 12 September 2016
A technology that involves pumping C02 emissions from power stations into rock formation, could be the key to lower the costs of tackling climate change, a report has claimed. Called the carbon capture and storage or CCS, it could be achieved if the system to deliver the London Olympics is copied, said parliamentary advisors.
Although the system can be pricey, it is regarded by many experts as an essential weapon to fight climate change as it allows the use of fossil fuels to continue until electricity storage for renewable energy improves.
Geologist and former Shell chairman Lord Oxburgh, said: “There are some things that are best left to the private sector - but CCS on industry isn't one of them.
“The network of pipes taking CO2 from industrial plant into the North Sea would be far beyond the commercial reach of individual companies. This needs government action.”
In the report, it was claimed that CCS is now ready to be deployed at £85/MWh over a 15-year period. It added that by 2050, the system could curb as much as 40per cent of emissions, which could save the government up to £5bn annually when compared to other alternative strategies.