INEOS announced that it will invest over £1 billion in reducing greenhouse gas emissions at its site in Grangemouth, as part of its strategy to reach net zero emissions by 2045, a press release issued by the company stated.
INEOS Grangemouth Chairman Andrew Gardner further elaborated that “When INEOS bought the site in 2005 it was emitting around 5 million tons of CO2 per year. We’ve already reduced that to 3 million tons today. Our next step, to use hydrogen combined with carbon capture via the Acorn project, will reduce this to below 2 million. Our Road Map, which extends beyond the Acorn project, has one goal, and that is to safely and efficiently reduce CO2 emissions to zero by 2045.”
He added that INEOS has allocated £500 million for projects that are in progress at Grangemouth. One of them include the New Energy Plant, which is expected to be complete by late 2023 and will supply energy to all company’s sites operations. It will use highly efficient technology which will drive down emissions by at least 150,000 tons of CO2 per annum.