The firms believe it will be able to store around one million tonnes a year of CO2 by 2027 and hopes it will be able to take on greater capacity in the future.
Ineos said it plans to make its Grangemouth oil refinery business carbon-neutral by 2045 at the latest whilst remaining profitable, and staying ahead of evolving regulations and legislation. The firm added that its roadmap has set several “ambitious” targets for 2030 as part of this commitment.
The latest announcement may be an attempt to revitalise its image with regards to climate change after it fought against Scotland’s ban on fracking in 2018 and invested £1bn in prolonging the North Sea’s main oil and gas pipeline the year after.
Acorn CCS is a carbon capture and storage facility specifically designed to overcome the high capital costs involved in getting such projects off the ground. It cuts costs by repurposing existing gas pipelines to take CO2 directly to the Acorn CO2 Storage Site.
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