A new way to finance carbon capture and storage

Excerpt of an article published in Sustainable Views.

The NEP is developing onshore and offshore infrastructure to transport CO2 from East Coast Cluster carbon capture projects to secure storage under the North Sea.

A major UK project creating infrastructure to store millions of tonnes of CO2 should act as a blueprint for future carbon capture initiatives:

•    A major carbon capture and storage infrastructure project being developed in the north of England is set to store millions of tonnes of CO2 each year
•    The Northern Endurance Partnership has been enabled by innovative financing arrangements and a supportive regulatory environment
•    With the right support, similar large-scale carbon capture projects can be delivered in the UK and around the world.

The Northern Endurance Partnership, which recently secured several billion pounds in debt financing, is developing onshore and offshore infrastructure to transport carbon dioxide from carbon capture projects in Teesside and the Humber, in north-east England — collectively known as the East Coast Cluster — to secure storage under the North Sea.  

Teesside and the Humber account for almost 50 per cent of UK industrial cluster carbon emissions — an industrial cluster being a concentration of industrial facilities with significant CO2 emissions. Such clusters can take advantage of common pipe and storage infrastructure.

Coming online in 2028, the NEP will transport and permanently store an initial 4mn tonnes of CO2 a year in the Endurance aquifer in the North Sea. An aquifer is an underground layer of porous rock saturated with water, and is a geological feature commonly found around the world.

Read the full article published in Sustainable Views (available through free trial).

Also read:
-    Unlocking the zero-carbon potential of the East Coast Cluster in Teesside
-    UK: The East Coast Cluster Low Carbon Project Reaches a New Milestone