INEOS Grangemouth has 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 percent reduction in net CO2 emissions already delivered since acquiring the site in 2005.
INEOS has already committed over £500 million spend on projects which are approved and currently being implemented at Grangemouth, UK. This includes investment in its new energy plant, which is due for completion in late 2023 and will supply energy to all site operations: “the highly efficient technology will drive down emissions by at least 150,000 tpy of CO2”.
The announcement includes more than a further £1 billion spend to enable this next phase of the transition to net zero.
INEOS’ road map will deliver a reduction in excess of 60 percent 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 tpy 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.
Additional contributions to driving down emissions will come from further investments in energy reduction and optimisation, along with electrification of key equipment. There will also be a shift in our polymer product portfolio to include higher levels of post-consumer recycled content as we contribute to a growing circular economy.
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.
“Low-carbon hydrogen offers the swiftest decarbonisation 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” said Matheson.
“Grangemouth, and INEOS itself, already holds a wealth of experience in engineering solutions and hydrogen production, and this new investment holds great potential for the future of Grangemouth, as well as the vital jobs that are located there, as part of our just transition to net zero, he added.
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.”
INEOS at Grangemouth 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. We expect that we can count on both the Scottish and UK governments’ support to drive positive change towards net zero.
For more information visit www.ineos.com
