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CCUS Investor Roadmap Capturing Carbon and a Global Opportunity April 2022CCUS Investor Roadmap Capturing Carbon and a Global Opportunity Carbon capture and storage is “a necessity, not an option” for the UK’s ambition to transition to net zero by 2050 The UK is well placed to lead in CCUS globally with o A worldwide reputation as an international centre of engineering excellence Extensive experience from the oil, gas and petrochemicals sector Substantial CO2 storage potential and industrial infrastructure e.g. gas network The UK is a first mover; we will support the establishment of at least two low carbon CCUS clusters by the mid- 2020s and a further two by 2030 through which we aim to capture 20-30MtCO2 per year 2 CCUS Investor Roadmap Capturing Carbon and a Global Opportunity■ Most active and deepest capital markets in Europe ■ Stable regulatory market ■ 2nd in G20 for ease of doing business ■ 0 dividend withholding tax rate, as part of wider competitive tax regime ■ The UK-EU Trade Cooperation Agreement post EU exit allows zero tariff market access with the EU ■ Further UK Free Trade Agreements enable exports to the rest of the world currently 70 plus EU ■ Super-Deduction - A new 130 first- year capital allowance for qualifying plant and machinery assets The UK has an estimated 78Gt CO 2 storage capacity, enough to support the UK’s demands for 100s of years The UK has one of the world’s most attractive business environments Engineering employs 6.6bn in the UK £22bn committed to raise RD to 2.4 of national GDP 280,000 employed in oil and gas industries 3 CCUS Investor Roadmap Capturing Carbon and a Global Opportunity World leading research institutions - the highest density of world class universities Potential £4.3bn in GVA from UK CCUS exports by 2050£140m to set up the Industrial Decarbonisation Hydrogen Revenue Support scheme Opportunities in an advanced and growing sector ■ Global player UK is in the top 5 countries globally for CCUS readiness. The UK has one of the largest potential CO 2 storage capacities in Europe ■ Project pipeline Funding for industrial carbon capture and hydrogen production projects will be announced later this year and allocated through the Cluster Sequencing process and hydrogen funding schemes ■ Regulatory environment Bespoke business models ■ Boost jobs CCUS-enabled clusters could support up to 50,000 jobs in the UK by 2030 Why invest in UK CCUS 4 UK aims to capture 20-30 MtCO 2 per year by 2030 £1bn To support the capital costs of CCUS infrastructure through the CIF £100m In new RD spending to develop DACCS and other GGR technologies in the UK Up to £170m Industrial Decarbonisation Challenge Fund CCUS Investor Roadmap Capturing Carbon and a Global Opportunity £8.3bn In potential total UK captured turnover from CCUS by 20502021 Industrial clusters UK Gov. funding Our 2035 Delivery Plan Critical activities and milestones on a path to developing the UK CCUS sector 5 2022 2023 2024 2025 2030 2035 Track-1 Cluster Sequencing process Track-1 Cluster FEED Track-1 negotiations with transport and storage companies and emitters Track-1 Cluster construction Track-1 Commissioning Track-2 Second Cluster Sequencing development, launch, negotiations and construction Announcement of shortlisted CO2 emitters that will proceed to negotiations At least one power CCUS plant by mid 2020s Capture 20-30 MtCO2 pa by 2030 including 6 MtCO2 from industrial CCS Deploy at least 5MtCO2 pa of engineered greenhouse gas removals GGRs by 2030 Launch £240m Net Zero Hydrogen Fund NZHF Launch £140m Industrial Decarbonisation Hydrogen Revenue Support scheme Launch Phase-2 of the Cluster Sequencing process Publication of UK Hydrogen Strategy Announce winners of £70m DACCS other GGRs innovation programme Publication of TS, ICC and power business model updates Design of hydrogen business model complete Confirmation of £1bn CCUS Infrastructure Fund CIF Deliver a fully decarbonised power system by 2035 At least 2 clusters by the mid 2020s 4 CCUS clusters by 2030 Up to 10GW of hydrogen production Legally binding target of 78 emissions reductions by 2035 Up to 1GW of CCUS-enabled Hydrogen CCUS Investor Roadmap Capturing Carbon and a Global Opportunity Government activity Industry activity Joint government Industry activity Key milestones Government targetCCUS is crucial to decarbonisation in the UK CCUS Investor Roadmap Capturing Carbon and a Global Opportunity 6 The role of CCUS in the UK’s transition to net zero We will ensure a second lease of life for the North Sea in low-carbon technologies by Delivering on our £1bn commitment to 4 CCUS clusters by 2030, with the first two sites selected in the North East and North West currently proceeding through Track-1 By 2050, emissions associated with industry could need to fall by around 90 compared to 2018. Industrial CCUS will be fundamental to this The North Sea Transition Authority NSTA are the regulator for the storage of CO2 on the UK Continental Shelf. When it receives an application for a storage permit, the NSTA is required by law to ensure amongst other requirements that the storage complex and surrounding area have been sufficiently characterised and assessed to ensure there is no significant risk of leakage. Power CCUS can provide non-weather dependent, dispatchable low carbon generation. This will be vital alongside system flexibility and energy storage to support a fully decarbonised electricity system by 2035 The North Sea Transition Deal will commit to deliver investment of up to £14-16bn by 2030 in new energy technologies, of which £2-3bn is allocated to CCUS, £2-3bn to electrification and up to £10bn to hydrogenThe UK’s world class skills and infrastructure are gearing up to the transition There are strong transferable capabilities from existing UK industries into CCUS ■ Worldwide reputation as an international centre of engineering excellence and world leading in the oil, gas, and petrochemicals sector ■ Extensive experience in implementing large offshore infrastructure projects and investing in shared offshore infrastructure solutions ■ Deep knowledge of subsurface technologies, geoscience and reservoir management ■ Around half of the business opportunity for UK CCUS is associated with engineering, procurement and construction management EPCm services, a key strength for the UK 7 CCUS Investor Roadmap Capturing Carbon and a Global Opportunity Energy, oil, and gas 280,000 employed in the oil gas industries £27bn oil gas turnover, c.40 through exports 90 of oil and gas jobs have high or medium transferability Chemicals 153,000 employed in the chemical industry £19.2bn Gross Value Added in 2018 £57.6bn of chemicals exports in 2019 Engineering 5.6m employed in the UK £1.2tn of total UK turnover, 21.4 UK total 5.1 increase in employment over last 5 yearsGovernment and industry working together Collaborating to deliver CCUS in the UK What we are delivering What we look to industry to deliver Establishing a long term CCUS market ■ Set ambitious capture targets to support our long term ambition to get to net zero by 2050 ■ Set up the Cluster Sequencing process to establish CCUS deployment in the UK to decarbonise industrial clusters ■ Launched funding streams to support CCUS deployment ■ Establish two operational industrial clusters by the mid-2020s ■ The sector will invest £2-3bn to build the Transport Storage infrastructure to help capture 20-30MtCO2 per year of carbon by 2030 A stable, regulated market ■ Incentivising scale up and promoting reliability through developing investable business models to provide long term revenue certainty and addressing ‘cross chain’ risk, and creating a regulated asset base ■ Initial drafting of CCUS Network Code, guided by government and driven by industry, enabling the development of network codes and standards ■ Support the development of the CCUS Network Code ■ Support the government to develop business models Skills and capability ■ Developing our green jobs and skills offer and reforming the skills system to ensure the development of key capabilities ■ Identify and support the rapid growth of competitive new capabilities to meet future energy needs ■ Create skilled, long-term jobs and a diverse workforce, demonstrating how they will fill any skills gaps Supply chains ■ Published supply chain roadmap setting out how government and industry can work together to harness the power of a strong, industrialised supply chain ■ Working through the Energy Supply Chains Taskforce and CCUS Council to identify UK supply chain strengths ■ Build up robust transparent supply chains, with emphasis on local skills and capacity development ■ Share information on supply chain development CCUS Investor Roadmap Capturing Carbon and a Global Opportunity 8 Sources See AppendixEstablishing a long term CCUS market CCUS Investor Roadmap Capturing Carbon and a Global Opportunity 9 What we have done What we are doing What we committed to Establishing a long term CCUS market ■ Launched the Cluster Sequencing process. Confirmed HyNet and the East Coast Cluster as Track-1 clusters with Acorn as a reserve cluster ■ Selecting the projects that will make up Track-1 clusters ■ Work with industry to achieve four low carbon industrial clusters by 2030 and at least one net zero industrial cluster by 2040 ■ Announced Cluster Sequencing Phase-2 eligible projects power CCUS, hydrogen and ICC ■ Engaging with industry on the development of a Track-2 process ■ Support Track-1 clusters to be operational in the mid-2020s East Coast Cluster HyNet Acorn Deploying CCUS in the UK through industrial clustersWhat we have done What we are doing What we committed to CCUS Infrastructure Fund CIF ■ Announced £1bn CIF to support the capital costs of strategic CCUS infrastructure ■ Committed up to £40m of the CIF to support design work for offshore storage and onshore infrastructure through Industrial Decarbonisation Challenge, which is providing up to £171m across nine projects  The final design of the CIF will develop alongside the Cluster Sequencing process, the design of the business models and the finalisation of related funding streams  £1bn CIF to support the capital costs of strategic CCUS infrastructure, helping to create ‘SuperPlaces’ in areas such as the North East, the Humber, North West, Southern England, Scotland and Wales Industrial Decarbonisation and Hydrogen Revenue Support IDHRS  Set up the £140m IDHRS scheme to fund our new hydrogen and industrial carbon capture business models  We will announce a funding envelope in 2022 that will enable us to award the first contracts to CCUS-enabled hydrogen and industrial carbon capture facilities from 2023  £140m to accelerate hydrogen projects and industry adoption of carbon capture and storage Net Zero Hydrogen Fund NZHF  Consulted on the design of the NZHF and split the funding in 4 strands  We are aiming to open the first funding window for Strands 1 and 2 in Spring 2022, with a potential of a further funding window in 2023/24. We intend to open strand 3 in summer 2022  Up to £240m, delivered between 2022 - 2025, to support new H2 production in UK Providing capital and revenue funding to support CCUS deployment Establishing a long term CCUS market CCUS Investor Roadmap Capturing Carbon and a Global Opportunity 10What we have done What we are doing What we committed to Power CCUS - the “Dispatch able Power Agreement” DPA ■ Developed the DPA which builds on the UK’s expertise in Contracts for Difference for renewable energy. The DPA aims to provide long term revenue certainty and a stable investment environment for developers of power CCUS plants ■ Publishing DPA full contract in Spring 2022 and consulting to further understand industry perspectives. Engaging industry later in 2022 with a call for evidence for future policy development for Power CCUS. Developing Decarbonisation Readiness ■ A competitive allocation process in the 2020s for the next phase of Power CCUS deployment. Support at least one Power CCUS project for delivery by mid-2020s. Deliver a fully decarbonised power system by 2035 Transport and Storage T and establish a return commensurate with risk taken by TS Companies ■ Ambition to deploy at least 5MtCO2 per year from ‘engineered’ GGRs by 2030 to support the trajectory to Net Zero Hydrogen Business Model ■ Publication of government response on business model design, alongside indicative Heads of Terms of the business model contract  Developing detailed model design to provide producers with revenue support and help overcome operating cost gap between hydrogen and fossil fuels and an ROI  Finalise the business model in 2022  Announce funding envelope in 2022 to support delivery of up to 1GW of CCUS-enabled hydrogen by mid- 2020s UK Government is incentivising scale up and promoting reliability through developing investable business models and creating a stable regulatory base Creating a stable regulated market CCUS Investor Roadmap Capturing Carbon and a Global Opportunity 11UK Government is incentivising scale up and promoting reliability through developing investable business models and creating a stable regulatory base Creating a stable regulated market CCUS Investor Roadmap Capturing Carbon and a Global Opportunity 12 What we have done What we are doing What we committed to Industrial Carbon Capture ICC ■ The ICC contract provides a model to unlock investment by providing long- term revenue certainty for industrial users to achieve deep decarbonisation and is being adapted to support waste CCUS projects ■ Publishing next business model update and full ICC contract in Spring 2022 and consulting to further understand industry perspectives ■ Developing business models to enable waste CCUS projects to obtain access to funding ■ Ambition to capture 20-30 MtCO2, including 6MtCO2 of industrial emissions, per year by 2030 and 9MtCO2 per year by 2035 Existing infrastructure ■ An Expression of Interest for Greenhouse Gas Removal GGR projects, including DACCS and Power BECCS, closed in early 2022 which will provide visibility on market readiness ■ Reports published on monitoring, reporting and verifying and commercial frameworks for power BECCS ■ Response to GGR incentive framework consultation published as well as the biomass policy statement ■ Developing first of a kind Power BECCS business model ■ Running a £70m innovation competition for DACCS and other GGRs to bring down costs and support newly emerging efficiency improvements ■ Developing robust sustainability criteria for BECCS to ensure delivery of genuine negative emissions ■ Consulting on preferred GGR business models in spring 2022 ■ Ambition to deploy at least 5MtCO2 per year from ‘engineered’ GGRs by 2030 to support the trajectory to Net ZeroWe are committed to the development of a CCUS supply chain including through realising export opportunities Strengtheni