Drax is just one of 12 companies selected to take part in the UK Government’s Global Investment Summit next week.
The event, hosted by Prime Minister Boris Johnson and the Royal Family, will showcase the opportunities for investment in the UK, demonstrating the government’s commitment to ‘building back better’ post-COVID.
Drax will showcase its multi-million-pound negative emissions technology, bioenergy with carbon capture and storage (BECCS), which permanently removes CO2 from the atmosphere and will be needed for the UK to reach its climate targets cost-effectively. BECCS will also play a vital role in decarbonising the UK’s industrial sector as part of the East Coast Cluster.
“The UK has a once-in-a-generation opportunity to develop the innovative green technologies which will play a crucial role in tackling the climate crisis,” said Will Gardiner, Drax Group CEO.
“Drax has already transformed itself from the biggest coal-fired power station in Western Europe into one of Europe’s lowest carbon utilities and we are now pioneering vital negative emissions technology that will enable us to become the largest carbon capture in power project in the world.
“By leading on the development and introduction of BECCS, the UK can kick-start a new global industry, delivering tens of thousands of jobs and supporting a new green economy. Drax stands ready to invest in this vital technology – work to build BECCS at Drax could get underway as soon as 2024, delivering for the UK economy and the climate.”
Gerry Grimstone, Minister for Investment, said the Global Investment Summit will “put UK innovation on the map” and demonstrate how investment can be used to nurture technological developments and propel the UK economy towards a more “prosperous, exciting future”.
“Our showcase businesses show why the UK is a global hub for green technology, and I am proud that Drax will be presenting its innovative BECCS technology to some of the world’s most high-profile investors at the summit,” said Grimstone.
“Our industries of the future, like renewable energy, will not only help ensure a cleaner, greener planet but also create high value jobs in Yorkshire and across the UK.”