Carbon Capture and Storage: Finance
The question
To ask the Secretary of State for Energy Security and Net Zero, pursuant to the Answer of 28 May to Question to 53448 on Carbon Capture and Storage, how the the funding models will be evaluated to ensure value for money.
Answered by Sarah Jones
Detailed and robust Monitoring and Evaluation (M&E) Plans have been developed for the various CCUS funding models. The M&E plans map out the evaluation activities, methodology, data sources and resource needed for the various types of evaluations, including value-for-money (VfM) assessments. The VfM assessments across the CCUS programme will assess the extent to which public funds were used in the most cost-effective way possible to deliver results. Robust VfM evaluation methodologies that are relevant and suitable for the CCUS programme will be used, including Cost-benefit analysis (CBA) and the National Audit Office 4Es VfM approach, to allow a rigorous and systematic analysis of the costs and benefits. These methods will demonstrate VfM by evaluating whether the CCUS programme is cost-effective, impactful, and equitable.
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