If that’s the “cut” what the heck are you proposing to spend on such an idiotic enterprise?
Innovation has the potential to significantly drive down costs of clean technologies, such as carbon capture and storage (CCS), in the UK, but many barriers and uncertainties remain, according to new Government-led research into low carbon technology innovation needs.
The new analysis takes an in-depth look at CCS, marine energy and energy networks and storage technologies and concludes that innovation across these three technologies could potentially save the UK tens of billions of pounds within the next four decades. But according to the Technology Innovation Needs Assessements (TINAs), many barriers hinder innovation and deployment of these three technologies and in most cases public sector intervention is required to address market failures.
The TINAs are the work of a group that includes the Government’s energy and innovation departments and a range of industry, technology and scientific bodies, including the Technology Strategy Board, the Carbon Trust and the Energy Technologies Institute. They aim to identify and value the key innovation needs of a basket of low carbon technologies in order to know where to prioritise public sector investment. The first TINA was published earlier this year and analysed offshore wind.
Today’s assessments conclude that through successful innovation the costs to the UK of CCS deployment could be reduced by £10 billion to £45 billion up to 2050, on top of the billions of pounds already saved by deploying it. Meanwhile, innovation would also bring benefits in terms of green growth opportunities, for example, enabling UK suppliers of CCS to capture a four to six per cent share of a market, which in turn would contribute £3 billion to £16 billion to UK GDP.
GreenWise (as appellations go, that one seems inappropriate)