Davies hails CO2 deal as key event in his life

OLDHAM’S Lib-Dem Euro-MP has won 10 billion euro (£7.8 billion) in a bid to fight climate change.

Chris Davies’s proposals for the development of carbon capture and storage (CCS) technology have gained European Parliament backing.

And Mr Davies, the body’s negotiator for CCS, described the day of the decision as the most important in his political life.

He now starts a hectic month of meetings with ministers across Europe to try to win a majority in favour of the plan.

Mr Davies has already been promised strong support by the British and Dutch governments, which believe the measures can help to bring in new technology.

Use of a European funding mechanism for the work could also save the UK treasury more than £1 billion.

Scientists claim that the use of CCS could halve CO2 emissions from power stations and major industrial installations by 2050.

The technology separates CO2 from the fossil fuel for permanent underground storage in depleted oil and gas fields or deep aquifers.

Power-plant manufacturers believe that CCS will be commercially viable within 15 to 20 years but say that support will be needed to promote the technology during the development stage when it could double the cost of conventional power stations.

In March last year, EU heads of government promised the construction of up to 12 commercial demonstration projects by 2015 but no funding has yet been identified.

Mr Davies will now start negotiations with the EU presidency, held by France until January 1, with a view to securing a deal between the European Parliament and the Council of Ministers.

Mr Davies said: “EU governments must now either back this proposal to kickstart CCS development or produce a realistic alternative.

“CCS development has the potential to make an enormous contribution to the fight against climate change.We can afford no delay and no more construction of conventional coal-fired power stations.”