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Singapore’s Economic Development Board said on Tuesday that it aims to achieve at least 2 million tonnes of carbon capture potential by 2030 as part of a larger drive to make its Jurong Island oil refinery hub more sustainable.
Many companies are considering capturing carbon dioxide emissions for storage or reuse as a means of achieving green goals. However, the procedure is currently being refined.
On Jurong Island, where petrochemical plants owned by Royal Dutch Shell (LON: RDSa) and Exxon Mobil (NYSE: XOM) are located, Singapore hopes to establish a testbed for the technology.
Shell and Exxon have expressed interest in constructing carbon capture and storage plants in Southeast Asia. Singapore’s EDB has also set a goal for the energy and chemicals sector to raise sustainable product output by 1.5 times by 2030, compared to current levels.
Singapore aims to quadruple its output by 2050 compared to current levels. By shifting away from fossil fuels and swiftly ramping up investment in renewables, governments and businesses are speeding up their search for solutions to cut emissions and slow global warming by mid-century.
Shell said on Tuesday it plans to build a pyrolysis oil upgrader to turn plastic waste into chemical feedstock at its petrochemical complex in Singapore, part of its shift from oil and gas to renewables and low-carbon energy.
Story by : Norvisi Mawunyegah