Santos has more emissions relief ambitions, the first primary Australian oil and fuel manufacturer to set a target for 2040 to cancel all direct emissions.
The new targets, to be released at Santos’ annual investor briefing on Tuesday, advance net commitment 0 for Reach 1 and 2 to 10 year emissions, largely due to the expected effects of the use of carbon capture and garage technology.
The Woodside Petroleum, Origin Energy and power and fuel supplier AGL Energy have targets for 2050 of zero net emissions, while some large European oil and fuel companies such as BP also have targets for Scope 3 emissions, those emitted through their customers.
Santos aims to build a carbon capture and garage assignment at his Moomba in South Australia. Kelly Barnes
Santos’ new targets also come with relief in CO2 emissions from 26-30% through 2030 to 2020, and collaboration with consumers to reduce their direct emissions through more than one million tons according to the year through 2030 by switching to cleaner fuels.
Executive Chairman Kevin Gallagher said Santos over the more than 3 years in “progressive replacement technologies” like sab “has allowed us to move faster in terms of emission reduction. “
He said Santos has installed more than 5. 5 megawatts of solar power and four MWh of battery garage on his own facility, but that “the real game change” is his CCS assignment at his Moomba site in northern South Australia, which is thought to be for a test. -advance until the end of the year. The allocation would be the largest moment in the world after Chevron’s Gorgon allocation in Western Australia, with an initial capacity of 1. 7 million tons consistent with the year, and would charge up to $155 million ($209. 8 million).
The commitment follows an escalation of tension at the Adelaide-based climate change company and strong for activist resolutions at its annual meeting in April on emissions and lobbying targets.
Santos will also depend on nature-based payment, increased use of renewable energy and power for its new goals. It is also examining a hydrogen allocation in Moomba that would complement the CCS company.
Nature-based compensation allocations come with a carbon relief allowance that burns in the savannah in western Arnhem Land in the Northern Territory, and Mr. Gallagher said Santos is “excited” with the prospect of ‘expansion in this domain to generate more carbon credits, with benefits also for indigenous communities.
He highlighted the emerging call in Asia for carbon-neutral LNG shipments, given China, Japan and South Korea’s commitments of zero net emissions until around 2050 and new fuels blank as hydrogen.
Analysts are divided on Santos’ CCS assignment, UBS’ Tom Allen in relation to the merits of the assignment as underestimated, while Saul Kavonic of Credit Suisse remains “skeptical” about its value.
Kavonic said he was also waiting for news from Santos at the briefing on progress toward a final investment resolution on Barossa’s fuel allocation off the north coast that was suspended after the fall in oil costs in March, and in Narrabri’s allocation in New South Wales.
Santos has raised its zero-emissions target over a decade, ahead of its peers in the climate commitments of Australian oil and fuel producers.
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