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The development and deployment of carbon capture and storage (CCS) could be worth up to £7 billion to the Scottish economy over the period until 2050, according to a new report.
The study, conducted by Element Energy on behalf of Scottish Enterprise, stated that CCS, alongside enhanced oil recovery (EOR) from the Central North Sea, would provide a multi-billion pound boost to the Scottish economy.
It also predicted that up to 1,700 million tonnes of carbon from the UK and north-western Europe could be stored under the North Sea.
The research also estimated that CCS and EOR could create 44,000 “person-years” of employment could be created in Scotland in the period to 2050.
It said: “All the components are either in place, or can be readily developed, for Scotland to become a CCS hub, supporting UK and European CCS deployment.”
Scottish finance secretary John Swinney added: “Scotland is perfectly places to play a leading role in the development of CCS and capture a major share of the global market.
“Innovation, including the contribution of EOR/CCS can and should play a major part in securing the long term future and success of the oil and gas industry.
“Sadly, the UK government has failed to grasp the scale of the prize of using CCS to extract extra oil reserves.
“Only independence provides Scotland with the autonomy to make the necessary strategic investments that will support the growth of CCS.”
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