INEOS Chemicals Grangemouth, INEOS FPS and Petroineos, have signed a memorandum of understanding with the Acorn CCS project to work together to develop Scotland’s first carbon capture and storage system linking Scotland’s industrial heartland to the Acorn CO2 transport and storage system in north east Scotland by 2027.
The announcement presents a pathway for Scotland to help meet its ambitious climate targets through effective carbon capture and storage. Investment at the Grangemouth site will enable the capture and storage of approximately one million tonnes a year of CO2 by 2027, with the scope to capture further significant volumes beyond that date.
INEOS and Petroineos own and operate one of Scotland’s largest manufacturing sites at Grangemouth. Since taking ownership of the facility in 2005, it has already reduced CO2 emissions at the site by 37%. Once operational the proposed carbon capture and storage system will further increase emission reduction at the site to more than 50% compared with 2005.
INEOS’ businesses at Grangemouth have put in place roadmaps to lead the transition to a net zero economy by no later than 2045, while remaining profitable, and staying ahead of evolving regulations and legislation. INEOS is setting ambitious but achievable targets for 2030 which are in line with its 2045 commitment in Scotland.
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