We are committed to helping solve the dual challenge the world energy markets face – increasing energy supply to meet growing demand and doing so with lower greenhouse gas (GHG) emissions.
Key to meeting this challenge is understanding what we as a company can do, directly or indirectly, to minimise the use of energy and the emission of gases that have global warming potential. All while we continue to grow our business.
We agree with the statement from the UK’s Committee on Climate Change (CCC), that carbon capture, utilisation and storage (CCUS) is critical to reducing CO2 emissions and meeting the UK’s 2050 emissions reduction targets.
Our investment in the development of the Acorn Project - an ambitious programme designed to tackle climate change by dealing with industrial CO2 emissions and other 'hard to decarbonise' sectors - is an ideal opportunity to play our part, alongside our industry peers. This project aims to capture CO2 emissions from the St Fergus Gas Terminal, transporting them offshore for permanent sequestration. Subsequent build-out modules include hydrogen generation. The Acorn CCS Project is part funded by the UK Government and the European Union, and is designated as a European Project of Common Interest (PCI).
Acorn is strategically located in Aberdeenshire to make best use of legacy oil and gas infrastructure and Scotland's excellent geology for CO2 storage. The region is also committed to developing hydrogen as a fuel of the future.
Acorn can grow as the demand to store CO2 grows – starting with modest quantities to kick-start a much larger CO2 transportation and storage solution.
Acorn can be operating by the mid-2020s, establishing the infrastructure essential for meeting UK Net Zero targets, and helping to build a fairer, more resilient economy - transforming our carbon intensive industries and sustaining jobs.
In May, Acorn and a cross-sector group of Scottish industrial CO2 emitters, formed the Scottish Cluster as part of a campaign calling on the Scottish and UK Governments to deliver the actions needed so that CCS, hydrogen and other low carbon technologies, can enable the decarbonisation of Scottish and UK industry and facilitate a low carbon economy.
“CCUS is central to the “just transition” we want for Scotland - letting the existing energy industry transform itself, re-purposing its existing skills and resources, to serve us all and protect Scottish jobs and industry. We look forward to Acorn being a green industrial hub, attracting new businesses to its zero-carbon energy source and being the cradle of hydrogen technologies.”
Phil Kirk, President and CEO Europe