Download or read book HC 692 - Future of Carbon Capture and Storage in the UK written by Great Britain. Parliament. House of Commons. Energy and Climate Change Committee and published by The Stationery Office. This book was released on 2016 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Meeting the UK's climate change commitments will be challenging if we do not apply carbon capture and storage (CCS) to new gas-fired power stations and to our energy intensive industries. Building the transport and storage infrastructure needed for CCS requires large upfront investments, but costs of later projects are expected to fall rapidly once this primary infrastructure is in place. Without CCS it may be necessary to find large and potentially more expensive carbon savings to meet the legally binding targets set out in the Climate Change Act as well as the more recent challenging ambitions set out at the Paris climate summit. The UK Government first promised support for CCS in 2007, and in 2012 launched a commercialisation 'competition', with the aim to see CCS projects developed before 2020. Up to £1 billion pounds was to be made available in capital funding, with additional operational support available through guaranteed price contracts - known as Contracts for Difference (CfDs) - to support the initial stages of commercialisation