INEOS Invests USD 1.3 Billion in its Net Zero Emissions Target
INEOS Invests USD 1.3 Billion in its Net Zero Emissions Target

INEOS Invests USD 1.3 Billion in its Net Zero Emissions Target

  • 24-Sep-2021 2:00 PM
  • Journalist: Harold Finch

The multinational conglomerate company and a leading name in the petrochemicals sector, INEOS, has planned an investment of USD 1.3 billion intending to net-zero carbon emissions at its Grangemouth site, UK, which is the company’s largest manufacturing centre. The current investment will leverage the complete transformation of all Grangemouth site operations to hydrogen-based processes aided by capturing and storage of 1 million tons of CO2 per year by 2030.

This investment will be adding to the already achieved 37% reduction of CO2 emissions at the site since its acquisition in 2005. The company also confirms its approved investment of USD 682 million towards the ongoing projects at its Grangemouth site that includes setting up of an energy plant scheduled to complete by 2023 end. This energy plant will be capable of slashing down 150 KT of CO2 emissions per year.

Hydrogen with its ability for zero carbon emissions is the ultimate fuel source of the future. It can be produced both from non-renewable (like natural gas) and renewable (like water) sources. It is a suitable source to fuel transport, households, industries and can be stored and carried as a portable energy system.

With the pressure from the environmentalist and shifting government policies in favour of green energy, many companies are waking up to the idea of making hydrogen-based production a part of their business mandate. As per ChemAnalyst, the ongoing drive for carbon emission reduction is one of the major reasons for projected growth in the hydrogen demand at a CAGR of over 5%. Therefore, hydrogen-based investments have a bright outlook in comparison to the investments done in non-renewable fossil fuels having a high carbon footprint. The company’s move is going to be exceedingly beneficial for registering its prominence in the green energy domain. This new production facility may cool down the hydrogen price rise which makes its application infeasible in every sector.

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