algae based carbon capture technology public companies

Algae-Based Carbon Capture Technology: A Growing Field in Public Companies

The quest to reduce carbon emissions has led to the development of innovative technologies, with algae-based carbon capture technology emerging as a promising solution. In recent years, public sector companies have been actively embracing emission-reduction strategies such as Carbon Capture, Utilisation, and Storage (CCUS). As India aims to achieve net zero by 2070, CCUS is becoming a common strategy across the country's oil and gas majors.

One notable example is ONGC, which has partnered with Indian Oil Corporation (IOCL) to develop India's first industrial-scale carbon capture project at the Koyali refinery. This initiative will not only reduce emissions but also generate new revenue streams from the captured CO2. Another significant development is the Memorandum of Understanding (MoU) signed between ONGC and Norway-based energy company Equinor to explore opportunities in low-carbon and renewable sectors, specifically focusing on CCUS.

Algae-based carbon capture technology has gained attention due to its potential to reduce emissions from power generation and industrial facilities. This method involves capturing carbon dioxide from large point sources using either fossil fuels or biomass for fuel. The captured CO2 can then be used onsite or compressed and transported to be used in various applications, such as enhanced oil recovery or injected into geological formations for permanent storage.

Public sector oil and gas companies in India are at the forefront of this technology, with many embracing CCUS as a key strategy for emission reduction. A report released by the Ministry of Petroleum and Natural Gas (MoPNG) in April 2023 highlights the energy transition plans of domestic public sector oil and gas companies, including their adoption of CCUS technologies.

As governments around the world set ambitious targets to reduce carbon emissions, algae-based carbon capture technology is poised to play a significant role. Public companies are leading the charge, investing in research and development to improve the efficiency and scalability of this technology. With its potential to generate new revenue streams and reduce environmental impact, algae-based carbon capture technology is an area worth watching for those interested in sustainable solutions.

In conclusion, algae-based carbon capture technology offers a promising solution for reducing carbon emissions in public companies. As India targets net zero by 2070, the adoption of CCUS technologies will play a critical role in achieving this goal. Public sector oil and gas companies are at the forefront of this technology, with many investing in research and development to improve its efficiency and scalability. With its potential to generate new revenue streams and reduce environmental impact, algae-based carbon capture technology is an area worth exploring for those interested in sustainable solutions.

Algae based carbon capture technology public companies