INEOS Grangemouth moves forward on the next phase of its journey to reduce greenhouse gas emissions to net zero by 2045, with further investment in excess of £1 billion
- INEOS and Petroineos at Grangemouth fully support the Scottish Government targets to reduce emissions to net zero by 2045 as part of a just transition to a low carbon economy.
- Today, it announces the next phase of its Road Map to deliver emissions savings of more than 60% across the site by 2030 as it continues to make reductions towards net zero emissions by 2045 in Scotland.
- Net Zero Secretary Michael Matheson said: “I welcome this significant investment, which demonstrates INEOS’ support for Scotland’s journey to becoming a net-zero economy by 2045. This will not only drive forward innovation and diversification to tackle emissions at Grangemouth, but will also support the decarbonisation of other sectors, sites and regions across Scotland.
- Andrew Gardner, Chairman INEOS Grangemouth: “Climate change is one of the most urgent environmental, economic and social issues of our time. We’ve set an ambitious plan to achieve Net Zero by 2045 and today we are announcing the next stage of our road map which includes an investment in excess of £1 billion…
- “Our roadmap builds on the significant reductions we’ve already made at Grangemouth. When INEOS bought the site in 2005 it was emitting around 5 million tonnes of CO2 per year. We’ve already reduced that to 3 million tonnes today. Our next step, to use hydrogen combined with carbon capture via Project Acorn, will reduce this to below 2 million. Our Road Map, which extends beyond Project Acorn, has one goal, and that is to safely and efficiently reduce CO2 emissions to zero by 2045.”
INEOS Grangemouth has today announced planned further investment of over £1 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 £500m 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.
Today’s announcement includes in excess of a further £1 billion spend to enable this next phase of the transition to net zero. Read the full story here.
Nick Cooper, CEO, Storegga – Lead Project Developer for the Acorn Project said,
“I warmly welcome this important investment announcement from INEOS and am delighted to see that Acorn is already beginning to enable major CO2 reduction and removal projects across the UK .”
Image Credit: INEOS