Building carbon capture technology at Drax Power Station could save the UK more than £4.5bn over the next 10 years, according to a report by the energy company.
Drax, which operates a major power station at Selby, Yorkshire, said that deploying a bioenergy and carbon capture and storage (BECCS) system at its plant could save the UK more than £4.5bn over the next decade, and more than £5bn by 2050.
BECCS works by capturing CO2 from the air, reducing the volume of harmful greenhouse gases in the atmosphere.
Drax wants to develop two BECCS units at its site by 2030, which it says will capture millions of tonnes of CO2 every year.
The company believes this will capture 40% of emissions the UK Climate Change Committee wishes to deliver from BECCS to hit its target of net zero emissions by 2050.
Will Gardiner, Drax Group CEO, said: “Innovative green technologies like BECCS can save the UK billions of pounds in achieving our legally binding climate targets, whilst removing millions of tonnes of CO 2 from the atmosphere and supporting tens of thousands of jobs.
“Drax is ready to invest in this essential technology which will help the UK decarbonise faster and kickstart a whole new industry here. By delivering BECCS, the UK can show the world what can be achieved for the environment and the economy when governments, businesses and communities work together.”
Drax believes that without the two DECCS systems it wishes to build, the UK's energy system would incur substantial costs, which is how it believes the plans will save money.
The company's report also claims that not developing BECCS at Drax, or elsewhere, would lead to the UK's emission plans costing an extra £15bn.
Plans have already been launched to developed DECCS at Selby, with Drax now working to secure a Development Consent Order from the Government.
The process takes around two years to complete, with Drax hoping that if successful it can begin building the systems by 2024.
