MP Alex Cunningham and Mayoral candidate Sue Jeffrey are today writing a joint letter to the government demanding a positive response to an exciting new report on carbon capture which could drive thousands of jobs for the Tees Valley.
The Teesside Collective, led by Tees Valley Combined Authority and the Tees Valley Local Enterprise Partnership, has published a viable finance proposal to support unique Carbon Capture and Storage network, and the finance mechanism would see Government and industry share costs to clean up energy-intensive facilities. This would mean, if they agreed, that the Government would provide 50% of upfront capital in the form of a grant, as well as capex support and incremental operating costs.
Alex Cunningham, the Member of Parliament for Stockton North and Chair of the All-Party Parliamentary Group on Carbon Capture and Storage, has said:
“I welcome this report that sets out the business case for an Industrial Carbon Capture and Storage support mechanism, reducing carbon emissions whilst also growing the UK’s industrial base.
“The Government need to give this project priority. It could drive thousands of well paid jobs, and contribute to improved air quality in the area.”
Also speaking on the issue, Tees Valley Mayoral candidate Sue Jeffrey comments:
“The Government has a moral duty to stand by our industry after it refused to save our steel. That means letting us get on with the job of investing to future-proof our industry and our environment. It will deliver a triple win – creating jobs, securing carbon reductions and is cost effective.
“We still have a proud industrial heritage but we are clear we want to build on that and have an industry, and a workforce, for the future. This report makes clear; if we are given the tools to do the job we can secure our own future.
“With the right investment we will make the Tees Valley a world beating centre for decarbonisation and ensure our industrial future for many years to come.”
The overall cost of this model including the network is £58/tonne of CO2 which makes it the less expensive form of carbon abatement than offshore wind and new nuclear power, which means the Government should recognise that this project would make a huge contribution to help it meet its carbon reduction obligation.