27 July 2023
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UK government support for greenhouse gas removal technologies announced

To The Point
(4 min read)

Engineered greenhouse gas removal projects are needed if the world is to keep within the Paris Agreement global warming goals. But technologies like Direct Air Carbon Capture and Storage (DACCS) and Bioenergy with Carbon Capture and Storage (BECCS) are at a nascent stage. To overcome barriers to investment, the UK Government plans to develop a GGR Business Model based on a 'contract for difference' (CFD) structure to stabilise negative emissions prices. The model will use the UK Emissions Trading Scheme (UK ETS) and other carbon markets. Rigorous monitoring, reporting, and verification (MRV) standards will be established to measure negative emissions accurately. GGR projects can apply for support through the carbon capture, usage, and storage (CCUS) sequencing process. Further details on the business model and related criteria will be confirmed later this year.

What are GGRs?
Overcoming barriers to investment in GGRs
The business model
Market for negative emissions
How to measure negative emissions
How can GGRs access the business model support?
What should I do now?
What's next?
Impact on businesses

To the Point 

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