CCS
The CTBO requires producers and importers of fossil fuels such as oil & gas to make sure that an increasing percentage of the amount of carbon extracted is also permanently stored. Photo courtesy of Neptune Energy.
The Carbon Takeback Obligation NET ZERO EMISSIONS IN HYDROCARBONS INDUSTRY
ONE COMPANY AFTER THE OTHER, INCLUDING IN THE OIL & GAS INDUSTRY, IS ANNOUNCING AMBITIONS TO REACH NET ZERO EMISSIONS. THESE AMBITIONS ARE NEEDED AS FIVE YEARS AFTER THE HISTORIC PARIS CLIMATE AGREEMENT, THE WORLD IS NOT ON TRACK TO REACH THE PARIS 2°C DEGREE TARGET, LET ALONE 1.5°C.
M
argriet Kuijper has her own consultancy focusing on carbon capture and storage (CCS) and corporate social responsibility. Femke Perlot-Hoogeveen is Sustainability Advisor for the energy & resources sector at Deloitte. Offshore Industry speaks with them about a Carbon Takeback Obligation, and how this can contribute to staying within the global carbon budget.
Ms Kuijper, you have been in the oil & gas industry for over 30 years and are now an independent advisor on carbon management solutions. Together with two co-authors, you recently published the results of a feasibility study on a ‘Carbon Takeback Obligation’. What is a Carbon Takeback Obligation, and what are the key takeaways of the feasibility study you did? Ms Kuijper: “The Carbon Takeback Obligation, or CTBO for short, is a new policy instrument that could ensure that CO2 from fossil energy no longer ends up in the atmosphere. It requires producers and importers of fossil fuels such as oil & gas to make sure that an
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