Commenting on the UK Government’s decision to cancel its £1billion competition for carbon capture and storage (CCS) technology, research & policy director at Aberdeen & Grampian Chamber of Commerce James Bream said:
“This decision by the UK Government to cancel the £1billion award to kick start world-leading carbon capture and storage technology is a huge blow to confidence for the business community in the North-east, and further confirmation of the inability of governments to give strategic certainty on major energy investment.
“As well as being bad news for Peterhead and its local community, this is also bad news for the UK-wide supply chain which has been engaged for several years with the project.
“Removing a ring-fenced funding stream is symptomatic of the UK’s approach to energy strategy and will further undermine investor confidence.”