Jurisdiction: United Kingdom

Commencement: 23^rdMay 2024

Amends: New Legislation
Mini Summary

Summary
In order to support the Net Zero Strategy to deliver Carbon Capture Usage and Storage (“CCUS”) targets, Industrial Carbon Capture Business Models have been introduced. These models will be the main mechanism for supporting low-carbon electricity generation, with the goal being to provide revenue support through a private law contract between an organisation who captures carbon dioxide as an eligible carbon capture entity and a carbon capture counterparty*.

* Carbon capture counterparty means a person designated by the Government to be a counterparty on their behalf for the purpose of carbon capture revenue support contracts.

Eligible entities
A carbon capture entity that is eligible for a carbon capture revenue support contract:

• must be located in the United Kingdom, with a view to the capture and storage of carbon dioxide or any substance consisting primarily of carbon dioxide that has been produced by commercial or industrial activities; and
• is not an excluded entity under regulation 4.

Duties

We know that there are some areas that our customers need expert help with, such as carbon reduction. We’re working with Comply Direct to provide information on the road to Net Zero.

Environmental and sustainability consultancy, Comply Direct, works with The Compliance People to provide benefits for both customer bases through sharing information and resources on a broader range of relevant compliance areas. Comply Direct is specialised in environmental policy and sustainability support for businesses, complementing The Compliance People’s provision of management tools and advice for environment, health and safety, and quality-related compliance obligations.

Our friends at Comply Direct have put together a great article for you to read:

A roadmap to Net Zero: The how? and why? of carbon reduction for your business