The government's position on carbon capture technology is very clear. The tax credit proposed in the last budget is not an inefficient fossil fuel subsidy. In the emissions reduction plan that the government recently put forward, it is clear that this technology is critical to meeting the targets for 2030 and then those for 2050.
One of the reasons we certainly think this is not an inefficient subsidy is partly because of the way the credit was designed. For example, an important feature of this tax credit is that it will not be granted if the technology serves to increase per capita oil production.