Mega carbon capture project in Canada gains new momentum

Big plans: Pathway Alliance member Suncor Energy aims to capture CO2 from its Syncrude oil sands facility in Alberta, Canada.Photo: AFP/SCANPIX

Sub-surface studies start on CCS project with potential 22 million tonnes per annum capacity

4 January 2023 17:15 GMT UPDATED  9 January 2023 15:34 GMT

By Iain Esau   in    London 

An alliance of Canada’s dominant oil sands producers has struck a deal to begin evaluating one of the world’s biggest proposed carbon capture and storage projects in Alberta, targeting initial capacity of 22 million tonnes per annum.

Launched in 2021, the Pathways Alliance brings together Canadian Natural, Cenovus Energy, ConocoPhillips, Imperial, MEG Energy and Suncor Energy, which together operate some 95% of Canada’s oil sands production.

This CCS project proposed for Alberta’s Cold Lake region is critical to meet the alliance’s objective of cutting carbon dioxide emissions from its member companies’ oil sands operations by 22 million tpa by 2030 and enabling the goal of net zero by 2050, equivalent to about 30 million tpa.

If approved, the storage complex could begin injecting CO2 into a saline aquifer from a number of oil sands facilities by late 2026.


Scotland’s net-zero transition ‘hangs in the balance’, CCC warns

The Scottish Government has failed to put in place a clear plan for climate action and the integrity of the country’s climate framework is now at risk, the official climate advisory body for UK policymakers has warned.

by Edie Staff, Published 7th December 2022

Scotland’s net-zero transition ‘hangs in the balance’, CCC warns

Pictured: Glasgow City Chambers and George Square

Through a new progress report, the Climate Change Committee (CCC) has condemned the Scottish Government for failing to offer a “coherent explanation” for how its policies will achieve the country’s bold emissions reduction targets.

In recent years, the Scottish parliament has committed to “extraordinary ambition” to decarbonise its economy, with a welcome focus on a fair and just transition, the report states. It said the ambition “should be applauded”, but “only if targets are achieved”.

CCC chair Lord Deben said: “In 2019, the Scottish parliament committed the country to some of the most stretching climate goals in the world, but they are increasingly at risk without real progress towards the milestones that Scottish ministers have previously laid out.


Mapped: Global Energy Prices, by Country in 2022

MARKETS IN A MINUTE we recommend you follow this link to the original article on Visual Capitalist 

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Energy Prices
Energy Prices

Mapped: Global Energy Prices, by Country in 2022

For some countries, energy prices hit historic levels in 2022.

Gasoline, electricity, and natural gas prices skyrocketed as Russia’s invasion of Ukraine ruptured global energy supply chains. Households and businesses are facing higher energy bills amid extreme price volatility. Uncertainty surrounding the war looms large, and winter heating costs are projected to soar.

Given the global consequences of the energy crisis, this Markets in a Minute from New York Life Investments shows the price of energy for households by country.

UK government sets out carbon capture framework

The UK government has announced a regulation framework to support the development of carbon capture and storage (CCS) projects in the country, in a move that was long awaited by operators with projects in the works.

The Dispatchable Power Agreement (DPA), published on Tuesday, sets out the official business model and contract structures that will shape the nascent CCS sector in the country.

The framework sets out parameters on CO2 capture rates and testing requirements – what the Department of Business, Energy and Industrial Strategy described as “solid policy framework” for operators and investors.

The DPA is based on the contractual structure of the Contracts for Difference that was originally put in place to support the renewable energy sector, and expands on the requirements for CCS projects.

“Businesses need to know that the UK is the best place for carbon capture investment... we are giving one of our biggest signals to date and showing that the UK's CCUS industry is open for business,” Climate and Energy Minister Graham Stuart said.

Stuart added that the CCUS framework will provide the industry with “the clarity required to deploy CCUS at scale” and “move into the next phase” of development.

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Sources in the industry had previously voiced their concerns over the confusion reigning in UK politics, following the resignation of former prime minister Boris Johnson and the collapse of successor Liz Truss’ government, and its potential consequences for CCS.

The UK government has been in the process of shortlisting a group of projects that will be granted public support, as it targets the setup of two CCS clusters by 2025 and two more by 2030.

HyNet cluster in North West England and North Wales, and the East Coast Cluster in the Teesside and Humber areas are the two hubs that are due for development by the 2025 deadline.

BP is involved in the East Coast Cluster and Italy’s Eni in HyNet.

A selection of projects was shortlisted in August as part of the sequencing process, and are currently undergoing due diligence.

European Union to provide €3 billion in funding to help CCS projects

Boost: European Commissioner for Energy Kadri Simson has offered more funding for carbon capture and storage projects.Photo: AP/SCANPIX

Some 300 million to 640 million tonnes per annum of carbon dioxide needs to be captured to meet emission targets

1 November 2022 14:08 GMT UPDATED  1 November 2022 14:08 GMT

By Zsuzsanna Szabo   in    Oslo 

The European Union is set to launch a new €3 billion ($2.98 billion) package of incentives for carbon capture and storage (CCS) projects after Energy Commissioner Kadri Simson called for an increased sense of urgency in a field identified as fundamental for meeting climate targets.

Simson spoke about the new support, to be made available from the EU’s Innovation Fund, at the Carbon Capture, Utilisation & Storage Forum, held in Oslo last week.

New funds to help bring large-scale innovative clean-energy projects to the market will be made available for CCS projects under a third call for applications under the EU’s Innovation Fund.

Under the earlier second call, the EU selected 17 large-scale innovative clean-tech projects located in Bulgaria, Finland, France, Germany, Iceland, the Netherlands, Norway, Poland and Sweden, but the available grant for the selected projects was a total of €1.8 billion, according to a European Commission statement in July.


Carbon capture needs over 100-fold scaling to hit net-zero targets, says McKinsey

As much as $130 billion will have to be deployed on a yearly basis to achieve the kind of scaling up that is needed

31 October 2022 19:32 GMT UPDATED  2 November 2022 17:02 GMT

Deployment of carbon capture and storage (CCS) technologies will have to increase over 100-fold to reach the kind of scale required to hit 2050 net-zero targets, according to consultancy McKinsey.

In its latest research looking at the CCS sector, McKinsey states CCUS technologies are being adopted “far too slowly” to provide a meaningful contribution in emission-mitigation efforts.

The consultancy estimated that CCS at scale could decarbonise as much as 45% of emissions from hard-to-abate industries including steel, cement, fertilisers and chemicals.

To achieve that target, and align with net-zero objectives, deployment of carbon capture infrastructure will need to increase 120-fold, the research stated, capturing at least 4.2 gigatonnes per annum of carbon dioxide by 2050.


British Airways applies for funding for large-scale sustainable aviation fuels production in UK

British Airways has signed an agreement with a host of aviation solutions firms to extend a project aiming to develop cost-effective sustainable aviation fuel (SAF) for commercial use in the UK

Published 3rd November 2022

British Airways applies for funding for large-scale sustainable aviation fuels production in UK

Overall, Project Speedbird has the potential to reduce CO2 emissions by up to 770,000 tonnes a year

British Airways partnered with LanzaJet and Nova Pangaea Technologies to launch Project Speedbird in 2021. The project aims to develop SAFs in the UK for commercial use.

Project Speedbird was initially granted nearly £500,000 by the Department for Transport’s (DfT) Green Fuels, Green Skies competition to fund an initial feasibility study for the early-stage development of the project. Now, the company has applied for the Department’s Advanced Fuels Fund grant for additional funding, as part of the department’s Jet Zero strategy which includes implementing a SAF mandate to come into force in 2025. This will require at least 10% of UK jet fuel to be SAF by 2030.

The process will see agricultural and wood waste taken and converted into bioethanol and biochar. LanzaJet’s patented alcohol-to-jet (ATJ) technology will then convert it into SAFs.

The conversion will take place at a UK facility, which is planned to be built in North East England. Construction could begin as early as 2023 and SAFs are expected to be produced by 2026.

British Airways intends to offtake all SAF produced through Project Speedbird to help power its flights. British Airways claims the SAFs would reduce emissions on a net lifecycle basis by 230,000 tonnes a year – the equivalent emissions of approximately 26,000 domestic flights.

Overall, Project Speedbird has the potential to reduce CO2 emissions by up to 770,000 tonnes a year.


Challenge to UK emissions trading scheme dismissed

R (Elliott-Smith) v Secretary of State for Business, Energy and Industrial Strategy & others [2021] EWHC 1633 (Admin)

Boost for plans to develop green energy technology in the north-east

A UK Government minister has pledged to accelerate the second phase of the country's carbon capture and storage (CCS) rollout.

Climate Minister Graham Stuart has confirmed plans to speed up track 2 of the cluster sequencing process.

The Press and Journal says it is good news for Aberdeenshire's Acorn CCS project, which is widely expected to be one of the projects selected as part of the next cohort.

During a Commons debate on Tuesday, Sir Desmond Angus Swayne, Conservative Member of Parliament for the New Forest West, asked: "Will he (Mr Stuart) expedite the track 2 process for carbon capture and storage."

In reply, Mr Stuart simply said: "Yes".

There has been frustration about the government's delay in publishing a timeline for the launch of track 2.

Track 1 clusters

Around a year has now passed since the track 1 clusters - HyNet and the East Coast Cluster - were announced.

The aim is for the two schemes, located in the north of England, will be safely storing carbon from nearby emitters by the middle of the decade.

To the surprise and anger of many, particularly in the north-east, the Scottish Cluster, which includes Acorn, didn't make the cut and was instead picked as the reserve cluster.

There are concerns this will delay the start-up of Acorn, based at the St Fergus gas plant, thereby hampering investment and job creation in the north-east.

Aberdeen South MP Stephen Flynn has led calls for the Scottish Custer to be awarded funding and has written to the UK Government demanding key dates for the process are now unveiled.

He told the P&J: "This is undoubtedly very welcome news, but I am wary that we've had warm words before only to be let down.

Timeline needed

"What we now need is for the UK Government to set out a timeline with key dates for the track 2 process, including when successful bids will be announced."

A report in the summer said urgent action is needed for Britain to become a leader in CCS.

It has been estimated that the sector could be worth £100billion to the country's manufacturers between now and the middle of the century, with Aberdeen named among locations which could benefit from the new technology.

The study was produced by industry body Offshore Energies UK for the Department for Business, Energy and Industrial Strategy.

2022's High Growth Economies


Data Journalist

India's GDP grew by 4.1 percent in the first three months of 2022, slightly truncating annual growth in 2021-22 to 8.7 percent due to Omicron restrictions putting a damper on economic activity in this last quarter of the Indian fiscal year. In Q1 of the new fiscal year (April to June), growth was back to 13.5 percent.

Looking at the big picture, Indian GDP growth is also still doing quite well on a global scale and the country is expected to surpass Japan as Asia's second-largest economy by 2030.

The IMF has forecast a GDP growth of 6.8 percent for India in 2022. As many countries have been downgraded in this week's release by the organization, so was India. In April, the IMF had still projected a growth of 8.2 percent for the country. However, this still places India in the top 10 of the fastest growing economies in the world (out of those with GDPs of $20 billion or more), albeit in rank 9, down from rank 4 in April. Counting all countries, even small island nations, India comes 20th.

Guyana was named as the fastest-growing economy in both forecasts by the IMF. The sparsely populated country is growing thanks to new oil exploitation projects. Ireland's growth was also revised upwards drastically, but the small nation's GDP is notoriously volatile due to the many multinationals headquartered there which are taking advantage of favorable tax codes within the EU.

Infographic: 2022's High Growth Economies | Statista

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