Analysis by the global insight business for renewables, energy and natural resources has stressed that many companies have not been able to progress their carbon capture, usage and storage (CCUS) projects due to a slowdown in the negotiations for government funding.

The difficulty in securing public and private investment would make it very difficult for the UK to meet its 2030 CCUS targets, Wood Mackenzie said.

“CCUS is a rising global industry,” said Mhairidh Evans, head of CCUS research speaking at Offshore Europe taking place in Aberdeen. “There will of course be hurdles along the way, but companies should be ready to ride the megatrend. Mostly, the technical workstreams are running ahead of the commercial and regulatory ones. And there’s still a lot to do to bring emitters onboard.”

The organisation stressed the need to accelerate funding processes and seek private investment to meet current CCUS targets. 

Wood Mackenzie estimated that delivering...