ExxonMobil, Shell, CNOOC and Guangdong Provincial Development & Reform Commission have signed a Memorandum of Understanding to evaluate the potential for a world-scale carbon capture and storage project to reduce greenhouse gas emissions at the Dayawan Petrochemical Industrial Park in Huizhou in Guangdong Province in China. Agreement initiates joint study to identify carbon capture and storage opportunity & project could capture up to 10 million tonnes of CO2 per year subject to the joint study.In addition to assessing the commercial opportunity for carbon capture and storage in one of China’s largest industrial areas, the companies will also evaluate the carbon policy systems in China and propose policies for consideration that would support the deployment of carbon capture and storage in Dayawan Petrochemical Industrial Park.Initial assessments of the project indicate the potential to capture up to 10 million metric tons of CO2 per year from Dayawan’s industrial sector, supporting China’s ambition of carbon neutrality by 2060. The project could also serve as a model for the chemical industry as one of the first petrochemical projects to be decarbonized.While renewable technologies are important to help reach society’s net-zero objectives, carbon capture and storage is a safe, proven and consistent technology that can enable some of the highest-emitting sectors such as manufacturing, power generation, refining, petrochemical, steel, and cement industries to reduce their emissions. The prospect of bringing together public and private entities to utilize carbon capture and storage collectively to reduce industrial emissions offers tremendous opportunity.
ExxonMobil, Shell, CNOOC and Guangdong Provincial Development & Reform Commission have signed a Memorandum of Understanding to evaluate the potential for a world-scale carbon capture and storage project to reduce greenhouse gas emissions at the Dayawan Petrochemical Industrial Park in Huizhou in Guangdong Province in China. Agreement initiates joint study to identify carbon capture and storage opportunity & project could capture up to 10 million tonnes of CO2 per year subject to the joint study.In addition to assessing the commercial opportunity for carbon capture and storage in one of China’s largest industrial areas, the companies will also evaluate the carbon policy systems in China and propose policies for consideration that would support the deployment of carbon capture and storage in Dayawan Petrochemical Industrial Park.Initial assessments of the project indicate the potential to capture up to 10 million metric tons of CO2 per year from Dayawan’s industrial sector, supporting China’s ambition of carbon neutrality by 2060. The project could also serve as a model for the chemical industry as one of the first petrochemical projects to be decarbonized.While renewable technologies are important to help reach society’s net-zero objectives, carbon capture and storage is a safe, proven and consistent technology that can enable some of the highest-emitting sectors such as manufacturing, power generation, refining, petrochemical, steel, and cement industries to reduce their emissions. The prospect of bringing together public and private entities to utilize carbon capture and storage collectively to reduce industrial emissions offers tremendous opportunity.
