Industry bosses have made a time-travel video of how Teesside could look in 2030 - if it secures Europe’s first industrial carbon capture and storage (CCS) zone.
The short film, which fast-forwards Teesside fifteen years, has been made ahead of the launch next week of a blueprint for industrial CCS in the UK.
The Teesside Collective, a cluster of big energy users on Teesside including BOC, steelmaker SSI, fertiliser manufacturer GrowHow and Lotte Chemical UK, wants to create Europe’s first CCS industrial zone.
It will publish its blueprint for industrial CCS - led by Local Enterprise Partnership Tees Valley Unlimited - next Wednesday with a Westminster launch.
The European Parliament and the European Council reached earlier this month an informal agreement on the establishment and operation of a Market Stability Reserve (MSR). The legislative proposal to establish an MSR in the EU Emission Trading System (EU-ETS) seeks to address the problem of an oversupply of allowances, leading to a low carbon price. The proposal foresees the reserve as a mechanism to prevent extreme fluctuation of carbon price, by reducing or increasing the supply of allowances.