As Climate Week in New York continues, some of the world’s top oil and gas companies are working on their own solutions to reduce emissions, including creating a hub for carbon capture projects along the Gulf Coast and in the Gulf of Mexico, The Houston Chronicle reports.
The industry-led Oil and Gas Climate Initiative is proposing a number of carbon capture hubs worldwide, including in Texas, China, Norway, the United Kingdom and the Netherlands. They aim to attract a number of governmental and privately backed supporters as part of the initiative called KickStarter. Each hub will require billions of dollars.
The initiative is made up of 13 of the world’s largest energy firms, including ExxonMobil, Chevron, Occidental Petroleum, BP, Royal Dutch Shell, Saudi Aramco, China’s CNPC and more. The massive array of power plants, refineries and petrochemical facilities along the Gulf Coast from Corpus Christi to Lake Charles is a prime opportunity.
“The region has a wide range of industries that can capture carbon dioxide, many with highly concentrated streams. There is already some pipeline infrastructure for carbon dioxide transport, several capture plants, and the area has multiple options for storage,” a report from the OGCI said.
The organization says its member companies are on track to meet their goals announced last year to reduce their methane emissions by more than 20%. Read the full story.