Global chemical company INEOS has accelerated the next phase of the Scottish Government’s race to net zero greenhouse gas (GHG) emissions with the announcement that it will invest ‘in excess’ of £1bn at its site, adding to the £500m already spent on projects approved and implemented at Grangemouth.
The next stage of the company’s roadmap, which includes its subsidiary Petroineous, will aim to reduce GHG emissions at the site to net zero by 2045 and deliver emissions savings of more than 60% by 2030.
This part of the road map will also include a shift to the production and use of hydrogen at the site, in addition to carbon capture and storage (CCS) technology capturing and storing at least one million tonnes per year of CO2 by 2030.
Due for completion in late 2023, the company’s New Energy Plant is forecast to drive down emissions by at least 150,000 tonnes of carbon dioxide (CO2) per year.
Welcoming the investment, Michael Matheson, Net Zero Secretary, said that the investment will not only drive forward the tackling of emissions at the site, but also support decarbonisation of other sectors across Scotland.
These other sectors will also be supported by INEOUS Grangemouth’s partnership with other projects such as Acorn, Scotland’s CCS project.
Admitting that the company has to go ‘much further’, Andrew Gardner, Chairman, INEOS Grangemouth, said, “By 2045 we have to be net zero equivalent and we have to set some really ambitious but achievable targets for ourselves for 2030.”