Greenhouse Gas Emissions: New Businesses
The question
To ask the Secretary of State for Energy Security and Net Zero, what support his Department is providing to startups in the greenhouse gas removal sector.
Answered by Michael Shanks
The Government is progressing a comprehensive and holistic policy framework to build the Greenhouse Gas Removal (GGR) industry in the UK.
The Government has developed a GGR Business Model to incentivise private investment in large-scale GGR projects through a contractual revenue support mechanism.
The Government has also commissioned the British Standards Institution (BSI) to develop GGR methodologies, which will be crucial to instill public and investor confidence that removals are genuine and verifiable.
The Government is committed to Carbon Capture Usage and Storage (CCUS) which is critical for enabling infrastructure for GGRs and has enabled GGR projects to apply to the expansion of the HyNet and East Coast CCUS clusters.
The Government invested over £80 million through the Direct Air Capture and Greenhouse Gas Removal Innovation Programme and the UKRI-funded Greenhouse Gas Removal Demonstrator (GGR-D) Programme and its coordinating CO2RE Hub.
Finally, the Government is supporting demand by promoting high-integrity voluntary carbon markets and long-term demand through signalling our intention to include engineered GGRs in the UK Emissions Trading System.
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