MOSCOW (MRC) -- Honeywell has announced an agreement with The University of Texas at Austin that will enable the lower-cost capture of CO2 emissions from power plants and heavy industry, according to Hydrocarbonprocessing.
Honeywell will leverage UT Austin's proprietary advanced solvent technology to create a new offering targeted at power, steel, cement and other industrial plants to lower emissions generated from combustion flue gases in new or existing units. The solution provides these sectors with an additional tool to help meet regulatory requirements and sustainability goals.
Honeywell has committed to achieve carbon neutrality in its operations and facilities by 2035. This new CCS technology builds on the company's track record of sharply reducing the GHG intensity of its operations and facilities as well as its decades-long history of innovation to help its customers meet their environmental and social goals. About half of Honeywell's new product introduction research and development investment is directed toward products that improve environmental and social outcomes for customers.
The licensing arrangement with UT Austin expands Honeywell's leading carbon capture technology portfolio. Today, 15 MMtpy of CO2 is being captured and used in storage/utilization applications through Honeywell's CO2 Solutions process expertise. Honeywell currently has the capacity to capture 40 MMtpy through its installed projects worldwide.
UT Austin's patented solution utilizes an advanced solvent, which enables CO2 to be captured at a lower cost through greater efficiency using smaller equipment, creating viable project economics today under current CO2 policy frameworks in North America and Europe. For a typical power plant (650 MW capacity), applying advanced solvent carbon-capture technology would enable the capture of about 3.4 MM tons of CO2 annually, equivalent to removing nearly 735,000 cars from the road each year.
In 2020, CCUS projects worldwide were capturing and storing/using 40 MM metric tpy of CO2, according to the International Energy Agency (IEA). In order to align with the IEA Sustainable Development Scenario, which demonstrates a pathway to limit global temperature rise by less than 1.65? C, CCUS project capacity must increase more than 20 times to enable capture of 840 MM metric tpy of CO2 by 2030.
As MRC reported previously, earlier this year, Honeywell announced the commercialization of a revolutionary process that expands the types of plastics that can be recycled and can produce feedstock used to make recycled plastics with a lower carbon footprint. The new technology can reduce the need for fossil fuels in the creation of virgin plastics while enabling hundreds of cycles of recycling, with the goal of enabling a circular economy for plastics.
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