Part 1: Licensing of Carbon Dioxide Transport and Storage Chapter 1: Licensing of Activities Section 1: Principal objectives and general duties of the Secretary of State and the economic regulator
This section establishes the Gas and Electricity Markets Authority as the economic regulator of carbon dioxide (CO2) transport and storage, and establishes that the principal objectives and general duties for the Secretary of State and economic regulator in its decision making and exercise of their respective functions under this Part of the Act are to:
protect the interests of current and future users of CO2 transport and storage networks,
protect the interests of consumers where relevant, and
promote the efficient and economic development and operation of transport and storage networks, having regard to the need for licence holders to be able to finance their licensable activities.
	Users of the network are defined as those seeking to have their carbon dioxide conveyed to storage.
	The principal objectives reflect the balance of considerations for an emergent CO2 transport and storage sector, where the needs of both current and future users of the networks, and by extension consumers who may fund carbon capture activities for certain users, need to be balanced with the need for efficient and economic networks that are able to attract the investment that will be needed to drive innovation and growth.
	In carrying out their functions under this Part of the Act, the Secretary of State and economic regulator must carry out their functions in a manner best calculated to:
promote effective competition,
promote the resilience of transport and storage networks, and
protect the public from dangers arising from the construction, operation and decommissioning of transport and storage infrastructure.
	The economic regulator and Secretary of State shall also have regard to the need to contribute to the achievement of sustainable development, including statutory decarbonisation targets.