Carbon Capture and Storage: Finance
The question
To ask the Secretary of State for Energy Security and Net Zero, how his Department is ensuring the (a) transparency and (b) accountability of carbon capture projects funded by public money.
Answered by Sarah Jones
The Government has developed a series of models to incentivise behaviour in line with our objectives and deliver value for money for consumers and taxpayers. The Infrastructure and Projects Authority provides oversight of the Programme, as a Government’s Major Projects Portfolio, through Gateway Reviews and reporting, and the programme has been subject to National Audit Office reviews and Public Accounts Committee hearings. Partner organisations, such as OFGEM, Low Carbon Contracts Company, and Central Grants and Loans have a key role in providing accountability through monitoring the performance of the Transport & Storage Companies and emitters. The contracts set out regulations according to which support can be withdrawn where key milestones are not met. The Full Business Cases and associated assessments will be published in due course.
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