Business Models for Engineered Greenhouse Gas Removals (GGRs)

Overview

This consultation is seeking views on the design of a business model to attract private investment and enable GGR projects to deploy at scale from the mid-2020s.

GGR technologies will be essential to reach net zero – balancing residual emissions from hard-to-decarbonise sectors while providing new economic opportunities for the UK. The Net Zero Strategy committed to developing markets and incentives for GGRs to overcome critical barriers to investment and support the growth of this industry over the coming decade. This consultation sets out the Government’s early-stage views on a new GGR business model.

We are inviting views from stakeholders on the following:

• our proposal to develop a contract-based business model for early GGR projects
• options for the primary design features of the business model
• potential market frameworks for negative emissions
• our approach to the monitoring, reporting and verification of negative emissions
• the applicability of a GGR business model to specific technologies

The consultation is open to all organisations and individuals, but will be of particular interest to those with an interest in GGR technologies and negative emissions markets, including:

• project developers
• financial investors
• academics and research institutes
• carbon crediting programs and buyers

The consultation has been informed by extensive stakeholder engagement and research, including a BEIS-commissioned study on potential support mechanisms for engineered GGRs conducted by Element Energy, E4tech and Cambridge Econometrics.