Baosteel inks CCUS research agreement with Sinopec, Shell and BASF - Reuters
Baosteel inks CCUS research agreement with Sinopec, Shell and BASF | Reuters
Baosteel inks CCUS research agreement with Sinopec, Shell and BASF
An employee stands near a Baosteel logo during a government-organised media tour to Baoshan Iron & Steel Co., Ltd. (Baosteel), a subsidiary of China Baowu Steel Group, in Shanghai, China September 16, 2022. REUTERS/Aly Song/File Photo
BEIJING, Aug 8 (Reuters) - China's biggest listed steelmaker, Baoshan Iron & Steel Co (600019.SS) has signed a joint research agreement for carbon capture, utilisation, and storage (CCUS) with state oil major Sinopec, global energy company Shell and German chemical firm BASF, the company said on its WeChat account late on Monday.
The company, known as Baosteel, is a subsidiary of the state-owned China Baowu Steel Group, the world's largest steelmaker.
The four companies will jointly assess the feasibility of building China's first open 10 million metric ton CCUS project in eastern China, Baosteel said.
The move aims to provide carbon reduction solutions for industrial enterprises along the Yangtze River in east China and build a low-carbon product supply chain, it said, adding the collaboration will help promote development in the steel and petrochemical industries.
The eastern region of China, accounting for 40% of the country's total gross domestic product (GDP), is also one of the largest carbon dioxide emitters, contributing to 30% of China's total carbon emissions.
The agreement came after the four parties signed a memorandum of understanding (MoU) last November in Shanghai.
Our Standards: The Thomson Reuters Trust Principles.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”