finance

Scotland’s first carbon capture and storage system to be developed by 2027



A partnership between several major oil firms has been agreed which will help develop Scotland’s first carbon capture and storage (CCS) system.

Ineos Chemicals Grangemouth, Ineos FPS and Petroineos have signed a Memorandum of Understanding with the Acorn CCS Project.

Operation of the new storage system, which will cover the whole Grangemouth site, is hoped to start in 2027 and will be linked to the Acorn CO2 transport and storage system in the north east of Scotland.

The investment should enable the capture and storage of approximately one million tonnes a year of CO2 by the same year, with scope to increase this by further significant volumes beyond then.

Ineos Grangemouth chairman Andrew Gardner said: “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 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.”

Ineos and Petroineos stated that they have already reduced CO2 emissions at the Grangemouth site by 37% since taking ownership in 2005 – with this project increasing emission reduction in Scotland to more than 50% compared to 16 years ago.

See also  Arcade games offer hands on experience at new V&A exhibition

Storegga is the lead developer of the Acorn Project. Its chief executive Nick Cooper said: “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.”

The Scottish Government’s Just Transition Minister Richard Lochhead responded: “Grangemouth is a leading manufacturing centre in Scotland and will play a vital role in our just transition to net zero.

“We are supportive of the Acorn project, considered the most advanced CCS project in the UK – it, and the wider Scottish cluster, has vast potential to support decarbonisation in Scotland, the UK and the wider world.

“Vitally, CCS also presents a huge opportunity to harness the skills and expertise of our current workforces to create many good, green jobs in the coming years.

“It is critical that the UK Government selects Acorn and the Scottish Cluster to be among the first CCU clusters to be awarded funding through its current cluster sequencing process,” he added.

Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more