Changeblock, a global carbon market technology company that develops innovative technologies for creating high integrity tradeable offsets from trustworthy and transparent sources, today said that the recent UK government announcement of the creation of a North Sea “treasure map” for carbon capture and storage (CCS) raises concerns and opportunities for the country's journey towards a net-zero economy.
Changeblock CEO Billy Richards, a computational biochemist and entrepreneur, says that “While the initiative could lead to a better understanding of the North Sea's geological makeup and attract investment in CCS, the lack of innovative or disruptive mechanisms to drive funding from the energy sector into carbon capture is troubling. The government's plan somewhat merges oil prospects with CCS potential, while neglecting finance-related issues. The lack of dedicated incentives for clean-technology finance R&D for small businesses is notable. The presented data barely aligns with UK's net-zero goals, focusing instead on broad comparisons.
“Acknowledging the effort to map the North Sea and stimulate green investment, Richards emphasized the necessity of funding for CCS technologies. Changeblock is ready to aid the transition to a global net-zero economy by refining the credit creation process and ensuring transaction integrity. As the UK government balances resource extraction and environmental impact, more needs to be done for successful CCS implementation and commitment to a greener future.”
