Energy and climate change secretary Ed Davey launched a competition to promote innovation in carbon capture and storage (CCS) technologies on Monday 12 March. The competition aims to fund the development of innovation in CCS technology by offering a £20mn fund which will complement the £1bn the UK has separately committed to funding commercial scale CCS projects. The Department of Energy and Climate Change (DECC) has invited bids for proposals to reduce the cost of CCS components and develop pilot schemes. DECC has estimated that the CCS industry will be worth £6.5bn annually by the 2020s. Davey said the competition "is an important step towards making cost competitive CCS a reality by the 2020s."