The UK has the potential capacity to store two centuries’ worth of its current carbon dioxide emissions.
Analysts have predicted that UK’s carbon capture and storage sector could be worth £20 billion in the next ten years and £100 billion by mid-century.
They note that although the country has the ability and skills to become a leader in the sector, its supply chain is “fragile”.
This poses a risk of losing the industry, the paper suggests.
The OEUK has called on the government to speed up the clusters with carbon capture applications and introduce additional licencing rounds for storage sites.
OEUK Supply Chain and Operations Director Katy Heidenreich said: “Carbon capture and storage is going to be a key tool in our fight against climate change.
“It offers a huge opportunity for the UK offshore energy supply chain to help energy-intensive industries cut emissions.”