Page 8 - Gi_November2019

industry & Government news

UK ‘MUST INVEST BILLIONS EVERY YEAR’

TO MEET 2050 NET ZERO CARBON TARGET

REACHING THE UK’S NET
ZERO TARGET WON’T BE EASY

THE UK WILL have to invest billions precedent for government climate aggressively across the economy, the
of pounds every year in greenhouse funding at the required scale.” UK is expected to continue to emit
gas removal to meet its climate However, the report warned that a significant amount of greenhouse
targets, according to a government- tax credits funded by a carbon levy gases annually,” it says. “This is
commissioned report. are likely to benefit large corporations primarily because some economic
Cutting emissions to net zero by while disproportionately affecting low- processes, which are key to our way of
2050 without significant technological income households through increased life, are very difficult to decarbonise
breakthroughs requires “large-scale electricity prices. with current technologies.”
investment” in industrial carbon Government subsidies could rise The report suggests a large
capture and storage, the report states. from around £2 billion in 2030 to proportion of UK farmers may have to
It would also involve the conversion of between £6 billion and £20 billion a adopt agroforestry – growing trees and
large areas of land into forests, and the year by 2050, but would be “possibly shrubs among crops – and “enhanced
planting of trees and shrubs among crops more effective in quickly establishing weathering”, which removes carbon
by farmers, reports The Independent. GGR deployment at scale, particularly dioxide by spreading crushed minerals
The analysis by consultancy firm in the short to medium term”. over the land.
Vivid Economics suggests greenhouse A third option would involve However, the main method of
gas removal (GGR) projects could be requiring companies to buy “negative carbon dioxide removal is expected
funded by government subsidies or emission certificates” to compensate for to involve bioenergy with carbon
tax credits, the evolution of existing a percentage of their emissions. capture and storage, and direct air
policies, or by passing the costs While this would ensure the polluter carbon capture and storage.
to the suppliers of fossil fuels and pays the costs, it could also cause rises The report adds: “The rate of rollout
agricultural products. in fuel prices, the report warns. will need to be rapid, particularly in
“GGR at scale will require multiple The report argues that GGR is the 2030s and 2040s, and will require
billions of pounds per annum,” the necessary because of the difficulty in significant policy support.”
report adds. “Notably, costs are likely reducing emissions from the “hard to A spokesperson for the Department
to be of a similar scale to current treat” sectors of aviation, farming and for Business, Energy and Industrial
government spending on renewable heavy industry. Strategy said they would “look closely”
energy support. Hence, there is “Even if emissions are reduced at the report’s findings.

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News.indd 3 17/10/2019 13:45