The event, hosted by the Prime Minister and the Royal Family, will showcase the opportunities for investment in the UK, demonstrating the government’s commitment to building back better following the Covid-19 pandemic and delivering the Ten-Point-Plan set out last year.
Drax will showcase its multi-billion-pound innovative negative emissions technology, bioenergy with carbon capture and storage (BECCS), which permanently removes carbon dioxide 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.
Will Gardiner, Drax Group CEO, said:
“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. 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 bioenergy with carbon capture and storage (BECCS), the UK can kickstart 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.”
Minister for Investment Gerry Grimstone said:
“The Global Investment Summit will put UK innovation on the map and demonstrate how we can use investment to nurture technological developments and propel our economy towards a more prosperous, exciting future.
“Our showcase businesses shows why the UK is a global hub for green technology, and I am proud that Drax will be presenting their innovative bioenergy with carbon capture and storage (BECCS) technology to some of the world’s most high-profile investors at the summit.
“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.”
As well as deploying BECCS at Drax, the renewable energy company is also exploring opportunities to deploy this vital negative emissions technology internationally, demonstrating climate leadership ahead of COP26 in Glasgow.
Drax Group’s purpose is to enable a zero carbon, lower cost energy future and in 2019 announced a world-leading ambition to be carbon negative by 2030, using Bioenergy with Carbon Capture and Storage (BECCS) technology. Its 3,400 employees operate across three principal areas of activity – electricity generation, electricity sales to business customers and compressed wood pellet production and supply to third parties. For more information visit www.drax.com