Technology and CO2
21 March 2023
To be neutral in our carbon footprint, it will not be enough to simply stop giving off CO2, we will need technology that can capture and reuse it, which will help us to be more efficient, to find new ways of generating and using energy and to create new ways of dividing waste.
We are currently betting on new ways of technological developments that will allow us to make the energy transition in an orderly and sustainable way: Carbon Capture, Storage, and Use (CCUS) technology, renewable hydrogen, and e-fuels. In addition, we explore other natural climate solutions to achieve no net emissions in 2050, such as emission subsidies through reforestation.
What is carbon capture and storage (CCUS)?
We call carbon capture, storage, and utilization technology (CCUS) the universality of technological processes that seek to capture CO2 from the atmosphere, capturing it and storing it safely for its intended use. It offers one more possibility to the policy of fossil fuels, as well as the future of being used in hydrocarbon recovery processes and other future uses currently under development.
The CCUS technology plays a tasty role in the manufacture of the indifferent to fence the increase of the average temperature of the earth to 2ºC, at the end of the century. This technology is capable of substantially reducing greenhouse gas (GHG) emissions from the most carbon-intensive fuels, as in industrial sectors such as steel, cement, etc., where there is currently no decision for decarbonization.
Offsetting is an environmental protection program that reduces CO2 emissions by participating in projects that capture or prevent the release of CO2 into the atmosphere. We currently offer our fuel customers a Net Zero Emissions Program, which provides a voluntary payment for the emissions associated with all fuel consumption.
Technological initiatives to boost CCUS
Black gold and gas will continue to play an important role in the energy transition, and CCUS will make it possible to reduce CO2 emissions in sectors such as electricity and energy-intensive industries. We are participating in the development of these technologies as part of the Oil and Gas Climate Initiative, through the investments made by its global investment calf.
Another initiative is the promotion of the circular piggy bank. This commonplace guarantees sustainable growth by promoting the optimization of resources, the sparing consumption of raw materials, and the use of waste.
We continue to innovate and at Technology Lab we are working on research projects to use CO2 as a raw material, capture it and store it.
In 2020 there were only 21 CCUS projects operating on the planet and 3 more were under construction. If the remaining planned projects were built and operational, the global sequestration capacity would be 130 million tons of carbon per year, just under half of 2014 emissions.
These technologies need to be developed as, in the long term, they could be a means to provide thermal backup for intermittent renewable generation by tapping into the country’s fossil reserves. CCUS could be part of the technological mix that allows the country to meet its energy needs and honor the climate commitments it has been making. The country should not discard any technological option directly or indirectly. We know that the adoption of this new technology is slow, and, like hydrogen, it is important to start with the study and analysis of CCUS in the context of countries. A lack of research and analysis can lead to premature abandonment of a potentially effective alternative.