Scotland: Decarbonization Ineos to Further Invest 1.37-Billion-Dollars for Achieving Net Zero Emissions by 2045
In line with the Scottish Government’s ambition of achieving net zero emissions by 2045 in the country, Ineos Grangemouth will further invest 1.37-billion-dollars in addition to the over 686 million dollars already invested at its Grangemouth site in Scotland to deliver emissions savings of more than 60 % across the site by 2030 and thus, achieve net zero emissions by 2045.
London/UK – Ineos Grangemouth has announced further investments of over 1.37 billion dollars 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 686 million dollars spend on projects which are approved and currently being implemented at Grangemouth. This includes investment in its New Energy Plant, which is due for completion in late 2023 and will supply energy to all its site operations and the highly efficient technology will drive down emissions by at least 150,000 tons of CO2 per annum.
The recent announcement includes in excess of a further 1.37 billion dollars spend to enable this next phase of the transition to net zero. The company’s 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 tons 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.
Low-carbon hydrogen offers the swiftest decarbonization route for our industrial sector and today’s commitment by Ineos makes an even stronger case for the UK Government to select the Scottish Cluster, which Ineos partnered with in the summer, to be among the first CCS clusters to be awarded funding through its current cluster sequencing process.
Additional contributions to driving down emissions will come from further investments in energy reduction and optimization, along with electrification of key equipment. There will also be a shift in its polymer product portfolio to include higher levels of post-consumer recycled content as the firm contributes to a growing circular economy.
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 decarbonization of our manufacturing plants. Building the infrastructure for large scale utilization 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.”