Professor Stuart Haszeldine, the University of Edinburgh and SCCS Director, working with Professor Myles Allen and Professor Cameron Hepburn at Oxford Smith School, and Professor Corinne Le Quere from Tyndall Centre for Climate Change Research, University of East Anglia, has prepared a briefing note outlining the need to give the UK Oil and Gas Authority new powers with regard to carbon capture and storage.
In the briefing they write:
The North Sea offshore oil and gas industry requires re-invention through lower cost utilisation and identification of new sources of revenue. UK climate policy requires a substantial decrease of carbon emissions while reducing the associated costs and regulatory burden on industry, taxpayers and consumers.
These joint objectives can be secured by providing the Oil and Gas Authority with the power to require fossil fuel companies to sequester carbon dioxide equivalent to a small but rising fraction of the fossil carbon they extract or import into the UK.