British power generator Drax will pause its planned 2 billion pound ($2.45 billion) UK investment in bioenergy with carbon capture and storage (BECCS) until it receives more clarity on government support, it said on Tuesday.
will pause its planned 2 billion pound UK investment in bioenergy with carbon capture and storage until it receives more clarity on government support, it said on Tuesday.
"Until we have this clarity, we are pausing our multimillion-pound investment programme in the UK BECCS project," Drax CEO Will Gardiner said in a statement.planned for the end of this month on measures to support energy security.this month said that the technology is likely to be needed for the country's plans to cut electricity sector emissions as part of efforts to meet its climate goal of net-zero emissions by 2050.
The U.S. Inflation Reduction Act is offering $85 per tonne of stored greenhouse gas removal using BECCS while Britain has yet to establish a market mechanism for the technology. Drax is developing technology to capture and store emissions generated from burning wood-based biomass pellets.
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