The potential for financial benefits in innovation in carbon capture and storage (CCS), marine energy and electricity networks and storage have been outlined in three government reports published today.
The Technology Innovation Needs Assessments found that: innovation in CCS could reduce UK energy system costs by between £10bn and £45bn by 2050, marine energy by between £3bn and £8bn; and electricity networks and storage by between £4bn and £19bn.
The Department for Energy and Climate Change (Decc) aims to use the findings of the report to target public and private investment to stimulate the innovation. The report was made by carried out by the Low Carbon Innovation Coordination Group, which is made up of Decc, the Department for Business, Innovation and Skills as well as low carbon research bodies such as the Energy Technologies Institute (ETI) and the Engineering and Physical Sciences Research Council.
Further details of the report can be found here.