The Carbon Capture Revenue Support Regulations 2024
20 June 2024
Amends/Commences: New legislation.
Comes into force: 23rd May 2024
Jurisdiction: UK
As part of the Industrial Carbon Capture Business Models, carbon capture entities (organisations who capture carbon dioxide) can receive revenue support through a private law contract with a carbon capture counterparty.
The Secretary of State can designate and direct a carbon capture counterparty to offer support contracts to eligible carbon capture entities.
A carbon capture entity is eligible if:
Comes into force: 23rd May 2024
Jurisdiction: UK
As part of the Industrial Carbon Capture Business Models, carbon capture entities (organisations who capture carbon dioxide) can receive revenue support through a private law contract with a carbon capture counterparty.
The Secretary of State can designate and direct a carbon capture counterparty to offer support contracts to eligible carbon capture entities.
A carbon capture entity is eligible if:
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Located in the United Kingdom, capturing carbon dioxide that has been produced by commercial or industrial activities; and
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Is not an excluded entity under regulation 4.
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Publish the carbon capture revenue support contracts, omitting any confidential information;
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Establish and maintain a register of carbon capture revenue support contracts; and
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Notify the Secretary of State if it is unable to perform a function required of it.