ABB has published another of its ‘Energy Transition Equation’ reports that shows how industrial customers can reduce carbon emissions and manage the energy transition for a more sustainable future.
The report highlights how early adoption and integration of automation, digitalization, and electrification technologies to enable autonomous operations can deliver savings of over 300,000 tonnes of carbon emissions per annum for offshore sites (approximately 25% reduction).
This is the equivalent of removing 150,000 combustion cars from the road and is the same volume of CO2 responsible for five million tonnes of glacier mass lost each year.
PIF Announces Auction of 1.4 Million Tonnes of Carbon Credits
“The world needs more energy,” said Brandon Spencer, President, ABB Energy Industries. “Even in the most advanced scenarios for renewables, we will still need to invest in oil and gas infrastructure to ensure availability and stability of supply to meet our energy needs.
"Now is the time to make that investment count, using the right technology to ensure energy production from hydrocarbons is the most sustainable it can be, as we continue to develop renewables.”
The report also demonstrates how companies can realize production efficiencies of up to $30 million in annual savings, while delivering net revenue increases of up to $120,000, thanks to autonomous operations.
A key part of this is redeploying companies’ offshore workforces, moving them from hazardous roles into new ones onshore.
In doing so, employers can offer safer working environments, a better work-life balance and fill industry talents gaps by reskilling employees to support a data-led approach to oil and gas exploration and production.
In 2021, ABB reduced its own CO2 emissions by 39% as part of its Sustainability Strategy 2030 and expects to be fully carbon neutral by decade’s end.
The strategy details how ABB will support its global customers in reducing their annual CO2 emissions by at least 100 mega-tonnes by 2030, the equivalent of removing 30 million combustion cars from the roads.
The report’s economic modelling was undertaken by independent economist Steve Lucas of Developmental Economics,[5] in conjunction with ABB Energy Industries and supported with desktop research of academic and industry sources.
ABB will publish reports focused on the power and chemicals markets in 2023.
Read More: Olayan Financing Participates in Voluntary Carbon Market Auction