Drax to showcase bioenergy with CCS to global investors

Renewable energy giant Drax is one of just a dozen green companies selected to take part in the government’s Global Investment Summit next week. The event, hosted by the prime minister and the royal family, will showcase the opportunities for investment in the U.K., 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 U.K. 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 U.K. has a once-in-a-generation opportunity to develop the innovative green technologies that will play a crucial role in tackling the climate crisis,” said Will Gardiner, Drax 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 bioenergy with carbon capture and storage, the U.K. 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 U.K. economy and the climate.”

Gerry Grimstone, U.K. minister for investment said that the Global Investment Summit will put U.K. innovation on the map and demonstrate how the country can use investment to nurture technological developments and propel its economy toward a more prosperous, exciting future. “Our showcase businesses shows why the U.K. is a global hub for green technology, and I am proud that Drax will be presenting their innovative bioenergy with 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 U.K.”

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 recently announced an ambition to source 80% of construction materials and services for BECCS from within the U.K.