The British multinational chemicals company INEOS announced today it would be contributing to the development of Scotland’s first carbon capture storage system. INEOS is one of the world’s largest chemical producers and also a major oil and gas market player, so the group’s input is very significant.
The corporation will be working together with the Acorn carbon capture and storage project.
Science suggests that the development of CCS technology is a necessary step toward meeting the climate goal targets set by the Paris agreement that aims to halt global warming. But there are currently still only very few large projects.
In its statement early today, INEOS announced its desire to study emissions options in its Grangemouth petrochemicals plant and oil refinery together with Petroineos. The company’s Grangemouth Chairman Andrew Gardner is convinced that the new CCS system would prove an indispensable path to permanently removing carbon dioxide from major CO2 industrial emitters in Scotland.
Other partners working together with Storegga on developing the Acorn carbon capture and storage project include Shell and Harbour Energy. Once launched, Acorn is set to capture and store carbon emissions under the North Sea.
In addition to creating CCS solutions, INEOS has also committed to buying £25 million worth of shares in the clean hydrogen company HydrogenOne Capital Growth, which will make INEOS a cornerstone investor.