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UK government ready to invest over $1.6 billion for CCS technologies

Most of us tend to associate green technology systems with reduced scale of carbon emissions and mitigated pollution. However, beyond just lowering carbon footprint, the expansive scope of this relatively nascent industry has the solid economic capacity to offer employment to thousands of people around the globe. And, that is exactly what the British government will be looking forward to, when it pushes for a collective national endeavor entailing newer carbon capture and storage technologies.

New push for carbon capture and storage with £1bn competition

The ambit of carbon capturing and storage generally relates to the artificially regulated accumulation of carbon from power plants, and then keeping the collected volume in underground storage facilities. This stored carbon can be further be utilized for energy purposes like the production of liquefied natural gas.

In this regard, pundits and analysts are already touting this field to grow into a massive industry in itself, given the sheer amount of carbon needed to be sequestered. And, this is exactly where the British government sees its ‘green’ opportunity for creating employments. According to their estimates, the CCS industry could be worth £6.5 billion (which means over $10 billion) a year to the UK economy by the end of the 2020, by catering to numerous power plants with combined capacity of more than 30 GW. This means over a whopping 100,000 jobs can be created, and that too with most of them belonging to the sphere of sustainable development.

In fact, beyond just favorable numbers, the government has already decided to invest more than £1 billion ($1.6 billion) of public fund in this scope. Moreover, ministers have also allocated £125 milion ($200 million) to research and development of CCD technologies. So, if all goes well, we could very well see the first of the large scale demonstration plants being set up by 2016.

Via: Guardian

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