A USD 22 billion investment by PTT Global Chemical is underway towards a zero-carbon emission mission
- 25-Oct-2021 12:39 PM
- Journalist: Nicholas Seifield
PTT Group’s chemical arm, PTT Global Chemical Public Company Limited, has revealed its target to achieve net-zero carbon emissions by 2050 for which it is planning to spend over USD 22 billion within the three-decade time. The company’s short-term target includes a 30% reduction of carbon emission by 2030.
The company’s investment plan will be focussed on two major directions; the first one is directly reducing greenhouse emissions for which USD 5 billion will be used and the second one includes the revamp of the company’s existing technologies and business portfolio where USD 17 billion will be expended. The company is eyeing to establish low-carbon businesses that would especially include performance and speciality chemicals range, through which the company is expecting a growth of 4% in the next five years.
The company’s greenhouse gases emission this year has reached 8 million tonnes which are expected to rise to 9.1 million tonnes. Carbon dioxide forms 81% of the total greenhouse emissions while methane, nitrous oxide and fluorinated gases conform to the remaining 19%. Carbon dioxide, released in surplus amounts from petrochemical and chemical plant operations, causes trapping of heat that in turn increases the overall temperature of the planet, a phenomenon which is termed global warming.
As per ChemAnalyst, PTT Global Chemical’s move towards investing heavily in carbon emission mitigation falls in line with the global sentiments as almost every country is looking forward to formulating strict actions to tackle carbon dioxide emissions at their end. The investment in green energy as well as the capturing and storing of carbon dioxide are the two most useful steps that can work wonders in protecting our environment. Capturing carbon dioxide and channelizing its use to stabilize supply in the end-user industries like the food and beverages sector and the healthcare sector could meet the projected growth at a CAGR of more than 4% in carbon dioxide demand in future years.