Philip Pearson
2008 Climate Change Act Legally binding targets ◦ 34% cut in CO2 emissions 2020 ◦ 60% by 2030 ◦ 80% 2050 Independent Committee on Climate Change ◦ 4 x 5-year Carbon Budgets
2012: 574 MtCO2e 2030: 310 MtCO2e ◦ = 60% reduction on ◦ = 46% reduction over the next 20 years ◦ = 62% cut to meet 2050 target.
Energy supply: energy mix and CO2 intensity Surface transport: road Domestic Energy Efficiency Industrial Energy Efficiency
Power = 25% UK greenhouse gases £110bn investment needed C02 target for 2013 Energy Act: ◦ 2030 = C02 intensity g ◦ 2012 = 500g CO2 KWH
Source: Elexon – bmreports.com
PolicyRisk 2020 RE target: 15% energy/30% electricity CCS [4 pilots] for coal & gas &industry Coal plant closures New nuclear “dash for gas” Green Investment Bank EU = ETS reforms “Greenest government ever” RE hostility ◦ Public investment ◦ Balance Regulation vs Market Austerity > GIB Lobby ◦ Investors “gaming” ◦ Oil & gas lobby Anti-EU
EnergyIndustry “Balanced” energy supply – renewables, new nuclear, CCS for coal & gas Green Investment Bank CO2 tax/floor price FITs No to shale gas “Green Deal” domestic energy Greening the workplace Skills for low carbon economy Energy intensive industries CCS – regional networks On-site power generation Low carbon vehicle manufacture
Yorkshire 60 MT C02 carbon cluster Regional CCS network: CO2 Sense Reliable/flexible low carbon energy supply. “Industrial security” Low-carbon economy/jobs. Developing key skills and expertise. Attracting direct investment.
“Carbon price floor” 2020 (£30/tCO2) 2030 (£70/tCO2) “is consistent with longer-term emissions targets and should strengthen incentives for emission reductions.” [CCC] Recycling revenues?
14 Carbon Revenue Forecast Total revenue between 2013 and 2027 is £64bn (£11bn CPS)
Greening the workplace Green Economy Council ◦ Energy Intensive Industries Skills ◦ Investment ◦ Energy Roundtable Social partner initiatives & campaigns ◦ Clean Coal Task Group ◦ Energy Intensive Industries ◦ Renewable energy – go to Green Workplaces