UK-headed Johnson Matthey plc (JM) and US-headed ClimeCo LLC, a global climate solutions company, have announced a collaboration to accelerate the deployment of enhanced carbon capture solutions for industries.
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Under a Memorandum of Understanding (MoU), the two companies will help synthesis gas (syngas) producers, initially in hydrogen and methanol, to build the business case for reducing carbon dioxide (CO2) emissions from existing processes by up to 95 percent.
Companies around the world are under pressure to reduce carbon emissions and meet net-zero targets, said Jane Toogood, Catalyst Technologies Chief Executive at JM.
Combining JM’s unique skills in technology development and deployment with ClimeCo’s expertise in Environmental, Social and Corporate Governance (ESG) strategy and regulatory analysis will enable syngas producers to make immediate progress on complex carbon issues by supporting project economics development, de-risking the business case for decarbonization projects, and providing a mechanism to create validated CO2 emissions reductions and creating compliance credits in many government-backed carbon markets.
In order to decarbonize, the industry is faced with a complex set of regulatory and financial hurdles, said Bill Flederbach, President and CEO of ClimeCo.
Together, they will empower customers to make informed decisions on allocating capital for the deployment of JM’s “CLEANPACE” solutions, accelerate emissions reductions, and future-proof their plants against the rising costs of carbon.
This alliance, leveraging ClimeCo’s expertise in the regulatory analysis along with advocacy and leadership in environmental credit creation and transactions, supports stakeholders across “hard to abate” industrial sectors by identifying technically and economically viable decarbonization pathways, helping them go beyond conceptual studies to deploy technology solutions that make a difference today, Bill Flederbach said.
Significant opportunity
According to JM, syngas producers are responsible for approximately 70 percent of CO2 emissions in the chemicals sector.
The opportunity for JM’s Low Carbon Solutions to deploy existing technology to over 150 grey hydrogen plants in Europe and North America alone could reduce CO2 emissions by over 100 million tonnes per year by 2030.
This is an addressable market of £1-2 billion (≈ US$1.2-2.4 billion) and Low Carbon Solutions is a key growth driver for JM.
Creating strategic partnerships allows us to offer our customers rounded and complete solutions. By working with ClimeCo, we will enable industries such as chemicals and refining, which rely on syngas, to quickly understand the regulatory frameworks, accelerate capital decisions for decarbonization programs and easily deploy proven technology solutions that can have an impact today, to create a cleaner world, ended Jane Toogood.
