INEOS Grangemouth has announced plans to invest more than £1 billion in lowering greenhouse gas emissions at its plant to net zero by 2045, building on a 37 percent decrease in net CO2 emissions achieved since taking over the site in 2005.
INEOS has already committed over £500 million to projects at Grangemouth that have been authorized and are presently being executed. This includes funding for our New Electricity Plant, which is scheduled to open in late 2023 and will provide energy to all of our site activities. The highly efficient technology will reduce CO2 emissions by at least 150,000 tonnes per year.
More than £1 billion will be spent in the next phase of the transition to net zero.
Through a succession of investments, collaborations, and creative innovation, our Road Map will achieve a decrease in greenhouse gas emissions of more than 60% by 2030.
The Road Map calls for all companies at the Grangemouth site to switch to hydrogen generation and consumption by 2030, as well as carbon capture and storage of at least 1 million tonnes of CO2. This will entail collecting CO2 from existing hydrogen production and building a large-scale carbon capture hydrogen production facility.
Further investments in energy reduction and optimization, as well as the electrification of essential equipment, will help to reduce emissions even further. As we contribute to a rising circular economy, our polymer product range will evolve to incorporate greater percentages of post-consumer recycled material.
The Road Map for INEOS Grangemouth emphasizes the company’s commitment to supporting the Paris Accord’s aims and assisting the Scottish Government in its pursuit of a “Just Transition” to a net-zero economy.
Net Zero Secretary Michael Matheson said: “I welcome this significant investment, which demonstrates INEOS’ support for Scotland’s journey to becoming a net-zero economy by 2045. This will not only drive forward innovation and diversification to tackle emissions at Grangemouth, but will also support the decarbonisation of other sectors, sites and regions across Scotland.
“Low-carbon hydrogen offers the swiftest decarbonisation route for our industrial sector and today’s commitment by INEOS makes an even stronger case for the UK Government to select the Scottish Cluster, which INEOS partnered with in the summer, to be among the first CCS clusters to be awarded funding through its current cluster sequencing process
“Grangemouth, and INEOS itself, already holds a wealth of experience in engineering solutions and hydrogen production, and this new investment holds great potential for the future of Grangemouth, as well as the vital jobs that are located there, as part of our just transition to net zero.”
Andrew Gardner, Chairman INEOS Grangemouth, said: “We actually have to go much further than the significant CO2 reductions we’ve achieved already. By 2045 we have to be net zero equivalent and we have to set some really ambitious but achievable targets for ourselves for 2030.”
Stuart Collings, CEO INEOS O&P UK, “Our challenge is to deliver a Road Map which ensures a Just Transition to Net Zero. This can only be achieved if we remain globally competitive and we stay ahead of evolving regulations and legislation. Hydrogen will play a very important role in the decarbonisation of our manufacturing plants. Building the infrastructure for large scale utilisation of hydrogen creates a foundation to achieve net zero by 2045 and enables wider use of hydrogen by INEOS and others in and around Grangemouth.”