£400 Billion to Capture Carbon

All to achieve nothing at all

We are all now well aware of Ed Miliband’s plan to waste £22 billion of taxpayers’ money on carbon capture schemes. Even though it will be spread over two decades, it is still a lot of money.

But alarmingly it is just the tip of the iceberg, as the Telegraph reported this week:

Miliband has already pledged £22 billion to CCS projects. Most of this will be added to consumer bills, with the rest from taxpayers, roughly equating to £800 per UK household, albeit spread over two decades.

But far more will be needed.

Some economists suggest Britain will have to spend £400 billion between now and 2050 to build and run a working CCS industry.

The question is, can a country already facing the world’s highest electricity bills cope with yet more costs, despite the potential benefits?