At The Guardian:
But if these corporations really are part of Britain\’s industrial fabric then it is time to press them into \”greener\” action, too: encourage BP to rebuild its UK carbon capture and storage interests
Erm, you do know why BP gave up on those? They were going to take natural gas, strip out the C, burn the H in a power station and then pump the CO2 down into old oil fields. This would force up the last of the oil in those fields and also store the CO2.
In order to make the scheme work financially, they didn\’t need a subsidy. All they needed was a lower royalty/tax rate on the oil that was pumped up. After all, if they don\’t pump the CO2 down the oil will never come up so no tax at all will be paid.
Gordon Brown said no. Even though it would have been extra money to The Treasury, he said no.
Forget \”pressing\” them into action. Why not just undo one of the more lunatic decisions of the Labour years?