INEOS and Petroineos joins efforts to capture one million tonnes of CO2 by 2027
The announcement presents a pathway for Scotland to help meet its ambitious climate targets through effective carbon capture and storage. Investment at the Grangemouth site will enable the capture and storage of approximately one million tonnes a year of CO2 by 2027, with the scope to capture further significant volumes beyond this date.
INEOS and Petroineos own and operate one of Scotland’s largest manufacturing sites at Grangemouth. Since taking ownership of the facility in 2005, it has already reduced CO2 emissions at the site by 37%. Once operational the proposed carbon capture and storage system will further increase emission reduction at the site to more than 50% compared with 2005.
INEOS’ businesses at Grangemouth have put in place roadmaps to lead the transition to a net zero economy by no later than 2045, whilst remaining profitable, and staying ahead of evolving regulations and legislation. Based on these roadmaps, we are setting ambitious but achievable targets for 2030 which are in line with our 2045 commitment in Scotland, which we expect to publish shortly.
Commenting on today’s announcement, Andrew Gardner, Chairman INEOS Grangemouth, says, ‘INEOS and Petroineos at Grangemouth recognise the importance of reducing greenhouse gas emissions from our industrial processes. As a one of Scotland’s largest manufacturers and employers, we acknowledge that we are operating a CO2 intensive industry and we have a significant role to play in helping Scotland reach its Net Carbon Zero target by 2045. We have already made significant reductions since taking ownership of the site and we are delighted to be taking this further by supporting the Acorn CCS Scottish Cluster bid. Once operational, the carbon capture and storage system will provide an essential route to permanently and safely capture and store CO2 emissions for large industrial emitters throughout Scotland with significant positive impact for Climate Change and the country.’
Nick Cooper, CEO of Storegga, the lead developer of the Acorn Project says, ‘The Acorn Project partners (Storegga, Shell and Harbour Energy) are delighted that INEOS and Petroineos have entered into an MOU with Acorn, which is a really significant step in managing Scotland’s industrial emissions. The Acorn CCS and hydrogen project is advanced, highly scalable and has clear visibility of a large CO2 customer base. Acorn provides critical carbon reduction infrastructure to the growing Scottish Cluster of emitters and to the wider UK.’