The Labour party has pledged to mobilise investment in the development of carbon capture and storage technology (CCS) if it wins the next general election.
In a policy position paper published on Wednesday, Labour says that the technology – which has yet to be proven at a commercial scale – is “a necessity, not an option” in the rush to decarbonize the UK’s energy sector.
Installed at a fossil fuel power plant, CCS technology would capture carbon emissions at the source, and allow them to be stored safely underground. It is thought that the UK’s depleted oil and gas fields in the North Sea represent ample storage space.
In theory, this would allow the continued use of some fossil fuels without further contributing to climate change.
It has been estimated that CCS could even reduce the cost of meeting national decarbonisation targets by as much as £30-£40 billion by 2050, while boosting the economy by £5-9.5 billion per year.
The policy paper therefore puts forward a range of policy options to support the fledgling CCS sector, and invites responses from businesses, investors and NGOs.
These include a system of grant funding, a feed-in-tariff for CCS users, or an amendment to the Renewable Heat Incentive.
Labour also suggests that the government-owned Green Investment Bank could play a greater role by supporting investment when CCS projects are finally ready.
“The Labour Party wants to decarbonise the power sector in ways that play to our strengths and minimise costs,” said shadow energy and climate change secretary Caroline Flint.
“Whilst we will place strict demands on the industry to deliver value for money, the potential is there for the UK to lead Europe in the commercialisation of CCS, particularly for industrial applications.
“The Labour party is clear – as we shift to a low carbon economy, CCS is a necessity, not an option.”
In a recent report, MPs on the cross party Energy and Climate Change Committee urged the government to fast-track investment decisions on the UK’s two pilot CCS projects.
Urgency is now required because the government’s bungled efforts to kick-start CCS with a £1 billion competition in 2007 led to nothing, after the two previous awardees of funding terminated their projects at the turn of the decade, the MPs said.
In order to cut emissions by the 2020s, when the committee says such savings will be needed, the report urges the government to make final funding decisions on the projects, one at Peterhead in Scotland and one at Drax in Yorkshire, before the next general election.
“After nearly a decade of delay the Department of Energy and Climate Change has finally got near to delivering two pilot CCS projects in the UK,” said, Energy and Climate Change Committee chair and Conservative MP, Tim Yeo.
“These two demonstration projects will not be enough to kick-start the industry or have a significant impact on our carbon budgets, however, ministers must also ensure that viable CCS projects not involved in the competition are able to apply for guaranteed-price contracts alongside other low-carbon energy schemes.”
While it still awaits a decision from the government, Yorkshire’s ‘White Rose’ project – which will combine an existing coal-fired power station in Selby with a transportation network across Yorkshire and the Humber – has since received €300 million (£238m) in funding from the EU.
7 New Technologies That Could Radically Change Our Energy Consumption
Most of our focus on technological development to lessen our environmental impact has been focused on cleaner, more efficient methods of generating electricity. The cost of solar energy production, for example, is slated to fall more than 75 percent between 2010 and 2020.
This is a massive step forward, and it’s good that engineers and researchers are working for even more advancements in this area. But what about technologies that reduce the amount of energy we demand in the first place?
Though it doesn’t get as much attention in the press, we’re making tremendous progress in this area, too.
New Technologies to Watch
These are some of the top emerging technologies that have the power to reduce our energy demands:
- Self-driving cars. Self-driving cars are still in development, but they’re already being hailed as potential ways to eliminate a number of problems on the road, including the epidemic of distracted driving ironically driven by other new technologies. However, even autonomous vehicle proponents often miss the tremendous energy savings that self-driving cars could have on the world. With a fleet of autonomous vehicles at our beck and call, consumers will spend less time driving themselves and more time carpooling, dramatically reducing overall fuel consumption once it’s fully adopted.
- Magnetocaloric tech. The magnetocaloric effect isn’t exactly new—it was actually discovered in 1881—but it’s only recently being studied and applied to commercial appliances. Essentially, this technology relies on changing magnetic fields to produce a cooling effect, which could be used in refrigerators and air conditioners to significantly reduce the amount of electricity required.
- New types of insulation. Insulation is the best asset we have to keep our homes thermoregulated; they keep cold or warm air in (depending on the season) and keep warm or cold air out (again, depending on the season). New insulation technology has the power to improve this efficiency many times over, decreasing our need for heating and cooling entirely. For example, some new automated sealing technologies can seal gaps between 0.5 inches wide and the width of a human hair.
- Better lights. Fluorescent bulbs were a dramatic improvement over incandescent bulbs, and LEDs were a dramatic improvement over fluorescent bulbs—but the improvements may not end there. Scientists are currently researching even better types of light bulbs, and more efficient applications of LEDs while they’re at it.
- Better heat pumps. Heat pumps are built to transfer heat from one location to another, and can be used to efficiently manage temperatures—keeping homes warm while requiring less energy expenditure. For example, some heat pumps are built for residential heating and cooling, while others are being used to make more efficient appliances, like dryers.
- The internet of things. The internet of things and “smart” devices is another development that can significantly reduce our energy demands. For example, “smart” windows may be able to respond dynamically to changing light conditions to heat or cool the house more efficiently, and “smart” refrigerators may be able to respond dynamically to new conditions. There are several reasons for this improvement. First, smart devices automate things, so it’s easier to control your energy consumption. Second, they track your consumption patterns, so it’s easier to conceptualize your impact. Third, they’re often designed with efficiency in mind from the beginning, reducing energy demands, even without the high-tech interfaces.
- Machine learning. Machine learning and artificial intelligence (AI) technologies have the power to improve almost every other item on this list. By studying consumer patterns and recommending new strategies, or automatically controlling certain features, machine learning algorithms have the power to fundamentally change how we use energy in our homes and businesses.
Making the Investment
All technologies need time, money, and consumer acceptance to be developed. Fortunately, a growing number of consumers are becoming enthusiastic about finding new ways to reduce their energy consumption and overall environmental impact. As long as we keep making the investment, our tools to create cleaner energy and demand less energy in the first place should have a massive positive effect on our environment—and even our daily lives.
Responsible Energy Investments Could Solve Retirement Funding Crisis
Retiring baby-boomers are facing a retirement cliff, at the same time as mother nature unleashes her fury with devastating storms tied to the impact of global warming. There could be a unique solution to the challenges associated with climate change – investments in clean energy from retirement funds.
Financial savings play a very important role in everyone’s life and one must start planning for it as soon as possible. It’s shocking how quickly seniors can burn through their nest egg – leaving many wondering, “How long your retirement savings will last?”
Let’s take a closer look at how seniors can take baby steps on the path to retiring with dignity, while helping to clean up our environment.
Tip #1: Focus & Determination
Like in other work, it is very important to focus and be determined. If retirement is around the corner, then make sure to start putting some money away for retirement. No one can ever achieve anything without dedication and focus – whether it’s saving the planet, or saving for retirement.
Tip #2: Minimize Spending
One of the most important things that you need to do is to minimize your expenditures. Reducing consumption is good for the planet too!
Tip #3: Visualize Your Goal
You can achieve more if you have a clearly defined goal in life. This about how your money can be used to better the planet – imagine cleaner air, water and a healthier environment to leave to your grandchildren.
Investing in Clean Energy
One of the hottest and most popular industries for investment today is the energy market – the trading of energy commodities. Clean energy commodities are traded alongside dirty energy supplies. You might be surprised to learn that clean energy is becoming much more competitive.
With green biz becoming more popular, it is quickly becoming a powerful tool for diversified retirement investing.
The Future of Green Biz
As far as the future is concerned, energy businesses are going to continue getting bigger and better. There are many leading energy companies in the market that already have very high stock prices, yet people are continuing to investing in them.
Green initiatives are impacting every industry. Go Green campaigns are a PR staple of every modern brand. For the energy-sector in the US, solar energy investments are considered to be the most accessible form of clean energy investment. Though investing in any energy business comes with some risks, the demand for energy isn’t going anywhere.
In conclusion, if you want to start saving for your retirement, then clean energy stocks and commodity trading are some of the best options for wallets and the planet. Investing in clean energy products, like solar power, is a more long-term investment. It’s quite stable and comes with a significant profit margin. And it’s amazing for the planet!
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