In the UK’s race towards net-zero emissions, a gas-fired power station could hold the key to the nation becoming a world-leader in carbon capture storage technology.
The Keadby 3 gas-fired power station in Lincolnshire, in the east of England, is on track to become the UK’s first plant equipped with CCS technology enabling it to store carbon dioxide in former gas and oil wells under the sea.
As the only CCS project in the UK to have planning permission, Keadby 3 could offset at least 1.5 megatonnes of carbon dioxide — 15 per cent of the government’s 2030 target.
On Thursday the government is set to unveil a package of green measures to reach its target of net-zero emissions by 2050.
It is expected to include £20 billion ($24.66 billion) of funding over the next decade for six CCS initiatives — and Keadby 3 could be one of its flagship projects.
Helen Sanders, head of policy and sustainability at SSE Thermal, the company behind Keadby 3, believes the government’s announcement will be historic.
“It is a real opportunity for the UK to be a world leader. This is a real moment in time,” Ms Sanders told The National.
“The government outlined £20 billion of investment in the budget recently for CCS. It was a massive step and recognition of the role this technology can bring.
"Previously they were looking at £1 billion in investment and the increase in the magnitude of it is a good thing to see.
“Across the UK there is a significant amount of CO2 storage potential. We have 70 billion tonnes of storage. It is a pretty amazing opportunity. It will be piped in and stays there and will never leak.
“We think following our costing of the modelling that we have done that it is a cost-effective way to decarbonise.”
It is believed the UK could store all of its historic emissions in decommissioned wells, and if selected by the government, Keadby 3 will lead the way.
“Keadby could be the UK’s first gas fired power station with a CCS plant attached to it which will be able to capture and store between 90 and 95 per cent of emissions,” Ms Sanders said.
“The big question is why we would need the power station when we have wind and solar power, but the wind doesn’t always blow and the sun does not always shine.
"This is a traditional power station that can be turned on and off for the market’s needs. Realistically we need a mix of everything.”
With an electrical output of up to 910MW, Keadby 3 Carbon Capture Power Station will use natural gas and will include a carbon capture plant.
SSE is also looking at CCS for its other gas-fired power plants and has submitted planning permission for its site in Peterhead, Scotland.
It is already looking at hydrogen-powered electricity plants.
“The Keadby site has had power generation for 70 years. There is still gas there. Next CCS and we are looking at hydrogen,” Ms Sanders said.
"We have other power stations across the UK and Ireland and we are looking at the best route forward, hydrogen or CCS and at the location and access to CO2 storage. This is not just a flash in the pan.”
The UK’s Energy and Net-zero Secretary, Grant Shapps, will unveil his CCS plans this week, along with a timeline for the approval of carbon-capture programmes in Scotland.
It comes after US President Joe Biden announced a $369 billion clean energy strategy.
UK Chancellor Jeremy Hunt has described the US announcement as a "very real competitive threat".
"The Energy Secretary will announce an ambitious, positive and practical set of plans for securing the nation's energy security and reaching net zero by 2050," British Prime Minister Rishi Sunak's spokesman said on Tuesday.
The UK government wants a quarter of the country's electricity to be provided by nuclear power by 2050.
It has committed £700 million to build the Sizewell C nuclear plant in the east of England.
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2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
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- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
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