On Friday, chemicals giant INEOS said, it will collaborate with the Acorn carbon capture and storage project to help develop Scotland’s first carbon capture storage system.
According to scientists, technology to capture and store carbon dioxide (CO2) emissions will be key in meeting climate goals set by the Paris agreement designed to limit global warming to 1.5 degrees Celsius; however so far very few large-scale projects exist.
As part of the deal, INEOS will explore options for emissions from its Grangemouth petrochemicals plant and oil refinery, with Petroineos, its joint venture with Petrochina which runs the refinery.
“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,” said INEOS Grangemouth’s Chairman Andrew Gardner.
The Acorn project, being developed by Storegga along with partners including Shell and Harbour Energy, aims to store carbon dioxide under the North Sea.
Earlier this month, INEOS said, it would purchase 25 million pounds worth of shares of HydrogenOne Capital Growth, a clean hydrogen company, to become its cornerstone investor when it lists on the London Stock Exchange.