U.K., Shell to proceed with world's first industrial carbon capture project

|By:, SA News Editor

The British government signs a landmark agreement with Royal Dutch Shell (RDS.A, RDS.B) to move ahead on the world’s first industrial-sized carbon capture project.

The Peterhead Carbon Capture and Storage, or CCS, project in Scotland is designed to capture up to 10M tons of carbon dioxide over the next 10 years from an existing gas power station owned by British generation company SSE.

The design phase of the project is schedule to be completed in 2015, when both Shell and the U.K. government will make final investment decisions; if they decide to go ahead, Shell says the project would be running by the end of the decade.