Changeblock: UK North Sea Treasure Map Needs Energy Industry Investment to Drive Carbon Capture
Investment in the UK's North Sea Energy Industry is Crucial for Driving Carbon Capture and Unveiling its Hidden Treasures
May 23, 2023 08:00 AM Eastern Daylight Time
LONDON--(BUSINESS WIRE)--Changeblock, a global carbon market technology company that develops innovative technologies for creating high integrity tradeable offsets from trustworthy and transparent sources, today said that the recent UK government announcement of the creation of a North Sea “treasure map” for carbon capture and storage (CCS) raises concerns and opportunities for the country's journey towards a net-zero economy.
Changeblock CEO Billy Richards, a computational biochemist and entrepreneur, says that “While the initiative could lead to a better understanding of the North Sea's geological makeup and attract investment in CCS, the lack of innovative or disruptive mechanisms to drive funding from the energy sector into carbon capture is troubling. The government's plan somewhat merges oil prospects with CCS potential, while neglecting finance-related issues. The lack of dedicated incentives for clean-technology finance R&D for small businesses is notable. The presented data barely aligns with UK's net-zero goals, focusing instead on broad comparisons.
“Acknowledging the effort to map the North Sea and stimulate green investment, Richards emphasized the necessity of funding for CCS technologies. Changeblock is ready to aid the transition to a global net-zero economy by refining the credit creation process and ensuring transaction integrity. As the UK government balances resource extraction and environmental impact, more needs to be done for successful CCS implementation and commitment to a greener future.”
About Changeblock
Changeblock is a leading provider of environmental asset investment solutions. Its 'data-to-credit' technology enhances credit integrity, transparency, and trading options, providing new risk management tools and enabling more efficient transactions. The company’s mission is to drive changes in the financial ecosystem required to decelerate global warming and accelerate biodiversity. For more information, please visit www.changeblock.com
Contacts
Cameron Thomas for Changeblock
416 660 9801 (Canada)
[email protected]
.svg){kind=icon}
Related posts
Check out other posts
Many businesses are fearful of the “green revolution”. They presume it's going to cost them money or feel like they’re being told off or blamed, but sustainability isn’t just a buzzword — it’s a critical business strategy. Companies adopting sustainable practices are finding that these initiatives can lead to significant financial benefits, ranging from cost savings to increased profitability.
The global carbon credit market, valued at about $978.56 billion in 2023, is poised for significant growth, projected to reach $2.68 trillion by 2028, with an 18.23% compound annual growth rate (CAGR).
Changeblock Originate is at the forefront of a paradigm shift in carbon credit management, harnessing the power of blockchain technology.