Power generation giant Drax is looking to double its biomass sales and capacity by 2030, as the world attempts to pivot away from coal.
Shares jumped more than 10 per cent to 605.5p per share by mid-afternoon.
The goal will see Drax turn the UK’s largest renewable power station into what it says will be the world’s biggest carbon capture removal and storage project.
The project plans to permanently remove eight million tonnes worth of CO2 emissions from the atmosphere every year until 2030 – which forms part of Drax’s ambitious plan to cut 12m tonnes a year globally.
“We’re going to scale up our ambitions internationally. Drax is now targeting 12m tonnes of carbon removals each year by 2030 by using bioenergy with carbon capture and storage,” CEO Will Gardiner said in a statement.
“This includes the negative emissions we can deliver at Drax Power Station in the UK and through potential new-build BECCS projects in North America and Europe, supporting a new sector of the economy, which will create jobs, clean growth and exciting export opportunities.”
New business development teams based in London and Tokyo will help facilitate the goal, as it seeks to bolster its market presence across Europe and Asia.
The move forms part of the UK’s net zero by 2050 ambition, which has its sights set on electrifying the country’s heat and transport systems.
The London-listed firm has also forecast its full year adjusted EBITDA to hit the top end of analyst expectations – of around £374m to £391m.