INEOS Grangemouth has announced investment of over £1 billion ($1.37 billion) towards reducing greenhouse gas emissions at its site to net zero by 2045, building on the 37% reduction in net CO2 emissions already delivered since acquiring the site in 2005.
INEOS has already committed over £500 million ($684.2 million) spend on projects which are approved and currently being implemented at Grangemouth. This includes investment in our New Energy Plant, which is due for completion in late 2023 and will supply energy to all our site operations and the highly efficient technology will drive down emissions by at least 150,000 tonnes of CO2 per annum.
The company said that its Road Map will deliver a reduction in excess of 60% in greenhouse gas emissions by 2030 through a series of investments, partnerships, and innovative engineering.
The Road Map involves a move to the production and use of hydrogen by all businesses at the Grangemouth site accompanied by carbon capture and storage of at least 1 million tonnes per annum of CO2 by 2030. This will include capturing CO2 from existing hydrogen production and the construction of a world-scale carbon capture enabled hydrogen production plant.
INEOS Grangemouth’s Road Map highlights its commitment to supporting the goals of the Paris Accord and helping the Scottish Government in its drive for a ‘Just Transition’ to a net zero economy.
Andrew Gardner, Chairman INEOS Grangemouth, said: “We actually have to go much further than the significant CO2 reductions we’ve achieved already. By 2045 we have to be net zero equivalent and we have to set some really ambitious but achievable targets for ourselves for 2030.”
Stuart Collings, CEO INEOS O&P UK, “Our challenge is to deliver a Road Map which ensures a Just Transition to Net Zero. This can only be achieved if we remain globally competitive and we stay ahead of evolving regulations and legislation. Hydrogen will play a very important role in the decarbonisation of our manufacturing plants. Building the infrastructure for large scale utilisation of hydrogen creates a foundation to achieve net zero by 2045 and enables wider use of hydrogen by INEOS and others in and around Grangemouth.”
According to INEOS, the company has the skilled resources and capabilities to make this transition work, along with key partnerships such as the Acorn project, Scotland’s carbon capture and storage project.