Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Environmental
• Social
• Governance

Environmental Achievements

• Around 40 Mt of CO2 captured and permanently stored annually.
• Alberta Carbon Trunk Line (ACTL) commenced operation, transporting up to 14.6 Mt of CO2 per year.
• Chevron Gorgon facility stored 1 Mt of CO2.
• Shell Quest facility surpassed 5 million tonnes of CO2 captured and stored.
• Boundary Dam 3 facility captured and stored more than 3.6 Mt of CO2.
• Petrobras Santos Basin CCS facility surpassed 14 million tonnes of CO2 stored.

Social Achievements

• Facilitating a 'just transition' by allowing industries to sustain local economies while moving toward net-zero.
• Creating and sustaining high-value jobs.
• Supporting economic growth through new net-zero industries and innovation.

Governance Achievements

• Increased engagement with and interest from the financial and ESG sectors.
• Many multinational energy companies made pledges to achieve carbon neutral outcomes by mid-century, including scope 3 emissions.
• Significant Governments included increased abatement ambition in their fiscal packages, with CCS featuring in several instances.

Climate Goals & Targets

Environmental Challenges

• Insufficient value on CO2 emissions.
• Interdependency or cross-chain risk in CCS value chain.
• Unlimited long-term storage liability risk.
• Economic downturn due to COVID-19 impacting the global economy and oil sector.
• Petra Nova facility paused operations due to oil price decline.

Mitigation Strategies

• Stronger climate policies to incentivize investment (carbon tax, tax credits, emissions trading schemes).
• Capital support for shared transport and storage networks, focusing on integrated hubs and clusters.
• Legal and regulatory frameworks to limit long-term storage liabilities.
• Government funding of strategic storage resource appraisal programs.
• Economic recovery packages including funding for CCS.

Supply Chain Management

Climate-Related Risks & Opportunities

Opportunities

• Development of energy-efficient products and processes.

UN Sustainable Development Goals

• Goal 7 (Affordable and clean energy)
• Goal 13 (Climate action)

CCS contributes to these goals by reducing emissions and enabling the use of low-carbon energy sources.

Environmental Metrics

ESG Focus Areas

• Climate Change
• Carbon Capture and Storage (CCS)

Climate Goals & Targets

Environmental Challenges

• Lack of consistency in ESG reporting methodologies and information reported.
• Challenges faced by companies in responding to diverse reporting schemes and metrics.
• Limited detail provided by current reporting methods compared to investor and stakeholder needs.
• Concerns regarding greenwashing and the veracity of ESG-related disclosures.

Mitigation Strategies

• Development of a CCS-specific reporting methodology to enhance granularity within existing frameworks.
• Promoting the use of leading reporting frameworks like TCFD.
• Advocating for standardization of non-financial reporting.

Supply Chain Management

Climate-Related Risks & Opportunities

Opportunities

• CCS as a climate risk mitigation strategy and business opportunity.

Reporting Standards

Frameworks Used: TCFD, CDP, SASB, GRI, UN PRI, IPIECA, CDSB, ASX, NASDAQ, LSE

Environmental Metrics

ESG Focus Areas

• Climate Change

Environmental Achievements

• Number of commercial-scale CCS projects in Europe rose 61% to 119 in 2023.
• Porthos project received approval and FID in 2023 after resolving a lawsuit.
• Denmark granted first three exclusive licenses for full-scale CO2 storage in the Danish North Sea.
• The Netherlands' Porthos project announced its final investment decision (FID) for the development of the first large-scale CO2 transport and storage system.

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Porthos project delayed due to a lawsuit.
• Celsio Oslo project halted temporarily due to cost concerns.
• A project in Romania stopped temporarily due to perceived lack of public acceptance.
• Widespread support for CCS is not a given in Europe.

Mitigation Strategies

• EU support through the Innovation Fund and Connecting Europe Facility – Energy.
• National subsidy programs (notably in Denmark, the Netherlands, Norway, and the United Kingdom).
• High EU ETS carbon price (€100 per tonne of CO2 in February 2023).
• France, Germany, the Netherlands and the United Kingdom are relying on or examining carbon contracts for difference (CCfDs).

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change

Environmental Achievements

• Germany's shift towards embracing CCS as an indispensable climate mitigation option in February 2024.
• Repositioning of CCS as part of Germany's climate and industrial agenda in 2023 after years of reluctance.

Social Achievements

• Joint appeal for a comprehensive carbon management strategy in Germany by environmental organizations, trade unions, and industry in January 2024.

Governance Achievements

• Federal Government's announcement of key points for a national Carbon Management Strategy in February 2024, highlighting the role of CCS and CCU technologies.
• Proposed draft bill to amend the Carbon Dioxide Storage Act to facilitate CCS progress.

Climate Goals & Targets

Environmental Challenges

• Regulatory landscape surrounding CCS, particularly the Carbon Dioxide Storage Act, hindered development.
• Restricted application deadline for storage permit requests (expired in 2016).
• Länder's ability to ban onshore CCS.
• Need for additional work to facilitate CO2 infrastructure development, implement support mechanisms, and improve public perception of CCS.

Mitigation Strategies

• Amendment of the Carbon Dioxide Storage Act to remove barriers to CCS/CCU application.
• Establishment of conditions to allow CO2 transport and cross-border movement for offshore storage.
• Exploration of offshore storage sites in the German Exclusive Economic Zone.
• Opt-in option for Länder to allow permanent onshore CO2 storage.
• Introduction of a Carbon Contract for Difference (CCfD) scheme to compensate heavy industries for the extra cost of climate-friendly production.
• Revisions to the national hydrogen strategy to support blue hydrogen production with CCS.

Supply Chain Management

Climate-Related Risks & Opportunities

UN Sustainable Development Goals

• Goal 13 (Climate Action)

CCS contributes to reducing greenhouse gas emissions and achieving climate neutrality.