Power BECCS Business Model Consultation

Closes 7 Oct 2022

Opened 11 Aug 2022

Overview

This consultation is seeking views on the governments minded-to position for a business model to incentivise deployment of first of a kind ('FOAK') power bioenergy and carbon capture and storage ('power BECCS') within the UK. We are seeking views from all interested parties, including prospective power BECCS projects, investors, non-governmental organisations and academics.

This consultation is seeking views on the design of a business model to attract private investment and enable FOAK power BECCS projects to deploy at scale.

The Net Zero Strategy committed to developing markets and incentives for Greenhouse Gas Removal technologies, such as power BECCS, to overcome critical barriers to investment and support the growth of this industry over the coming decade. Power BECCS will play an important role in reaching net zero – balancing residual emissions from hard-to-decarbonise sectors while providing new economic opportunities for the UK.

This consultation sets out the government’s early-stage views on a FOAK power BECCS business model.

We are inviting views from stakeholders on the following:

  • our intention to develop a contract-based business model for FOAK power BECCS projects
  • the minded-to position for the business model
  • options for the primary design features of the business model
  • options for measuring supply chain emissions 
  • options for the reward of negative emissions

The consultation is open to all organisations and individuals, but will be of particular interest to those with an interest in power BECCS technologies and negative emissions markets, including:

  • project developers
  • financial investors
  • academics and research institutes
  • carbon crediting programmes and buyers
  • non governmental organisations

The consultation has been informed by stakeholder engagement and research, including a BEIS-commissioned study on potential investable commercial frameworks for power BECCS conducted by Vivid Economics and Element Energy.

Read the consultation document on GOV.UK.

Give us your views

Audiences

  • Low carbon technologies

Interests

  • Energy and climate change