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)
cameron@verbfactory.com