OGCI has launched a new online tool designed to assess the socio-economic impact of carbon capture utilization and storage (CCUS) projects on employment and Gross Value Added (GVA) to the UK economy.
The CCUS Value Tool uses a standardized methodology incorporating regional, technological and sector-specific parameters to deliver localized and up-to-date results.
This tool builds on the framework of the United Kingdom Jobs and Economic Development Impacts (UK-JEDI) model, which estimates the gross economic impact of various energy technology projects across the UK.
UK-JEDI covers a wide range of energy systems including power generation technologies like nuclear, solar PV, bioenergy with carbon capture and storage (BECCS), onshore and offshore wind as well as energy storage solutions like batteries and hydro. Additionally, it addresses abatement technologies for key industrial sectors such as cement production, iron and steel plants, and refineries.
The tool also accounts for low-carbon fuel production pathways including green and blue hydrogen, bioethanol, biodiesel, and biomass gasification.
The CCUS Value Tool has already been applied to various case studies, measuring the socio-economic impacts of the net zero transition including industry contributions to the UK economy and job creation potential.
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OGCI
- OGCI is a CEO-led initiative comprised of 12 of the world’s leading oil and gas companies.
- It aims to lead the oil and gas industry’s response to climate change and accelerate action toward a net zero emissions future consistent with the Paris Agreement.
- Over the past decade OGCI members have demonstrated the essential role that oil and gas companies can play in delivering a net zero future.
- Since 2017, our members have collectively halved methane emissions and cut flaring by 45%, invested $65bn in low-carbon technologies and shared best practices across our industry and other sectors to accelerate decarbonization.
- OGCI’s members are Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Oxy, Petrobras, Repsol, Shell, TotalEnergies.
