Energy firms seize on carbon tech, environmental goals to build new businesses
Major energy companies are turning their carbon sequestration technologies and projects into business ventures, converting some efforts that help pump more oil and gas into profit-making ventures while burnishing their environmental reputations.
The efforts could help big greenhouse gas emitters reduce their carbon emissions intensity and move closer to Paris Agreement climate change targets. Energy giants view these efforts as balancing customer demands for more oil and gas while fitting in a lower-carbon energy world.
Carbon removal technologies will be necessary to limit the increase in planetary warming to no more than 1.5 degrees Celsius, the goal of the 2015 Paris Climate Agreement, the United Nations has said.
KINDER MORGAN INC
Pipeline operator Kinder Morgan has formed a business unit to acquire assets and build new services around carbon storage, renewable gas and diesel, hydrogen and power generation and transmission.
Its Energy Transition Ventures unit aims to broaden low-carbon projects already in development, the company said. The operation will have its own financial, commercial and engineering staff to develop and commercialize new projects.
BAKER HUGHES CO
The oilfield equipment and services firm acquired Norwegian technology firm Compact Carbon Capture (3C) and plans to commercialize its solvent-based products. 3C says its scalable designs can be as little as a quarter of the footprint of other carbon-capturing systems.
Baker Hughes will market the rotating 3C equipment alongside its products and services to industries including oil and gas, liquefied natural gas, shipping and pipeline operators. 3C’s industrial-scale unit designs could capture up to 250,000 tonnes of carbon dioxide (CO2) per year.
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