A major reform contained within the proposals are to enable the leasing of pore space for the purpose storing carbon dioxide. The changes now allow for the issuing of CO2 storage licences and permits. This removes a final regulatory hurdle and allows for the development of a UK CO2 storage sector in combination with Carbon Capture and Storage.
The issuing of storage permits reduces uncertainty along the CCS value chain. Allowing prospective storage firms to secure pore space and invest in infrastructure. The timely granting of storage permits will also allow storage firms to invest in site characterisation, reducing the possibility of delay in the most critical section of the CCS value chain. Keith Whiriskey an advisor at Bellona also notes that this may allow the uncoupling of storage firms from individual CCS projects, producing a more robust and completive storage market.