MOSCOW (MRC) -- This week, it’s worth taking the time to highlight the progress that’s been made in recent years to create a more sustainable world, and to reflect on the challenges that still lie ahead, said Hydrocarbonprocessing.
The reality is that climate change poses a very real threat to life as we know it, and we must all work together if we hope to address it. For asset-intensive industries, one of the most powerful steps in addressing that threat is the energy transition – shifting the energy system away from fossil fuels and toward renewable power sources.
While it’s far from an overnight process, the good news is that progress is clearly being made. Nearly one third of all electricity today comes from renewable sources, billions are being invested in new renewable projects around the globe and a growing number of companies are turning to electrification with renewable power to help reduce their carbon footprint, to cite just a few examples. Though challenges still exist, it’s increasingly clear going forward that technology and innovation will play a key role in helping to overcome them.
Simply by implementing technologies that already exist, many asset-intensive industries are seeing significant reduction in their greenhouse gas emissions. One example comes in the form of easy-to-implement sustainability models. When combined with industrial optimization software, those models can help companies jumpstart their progress across a host of sustainability targets, from emissions management to the use of renewable energy and more. Those models, however, are just the start.
To help drive sustainability efforts across specific focus areas, AspenTech has also laid out a series of sustainability pathways, ranging from well-understood approaches like energy efficiency and emissions reduction to emerging technologies like carbon capture and renewable energy to future pathways, including the use of CO2 as feedstock and advanced plastics recycling.
Those pathways, however, also represent targets for innovation. Using advanced modeling and simulation, companies can identify the best, most economic and most scalable processes for the production of green hydrogen or carbon capture utilization and storage before making expensive capital investments.
And once those innovative assets are up and running, digitalization solutions exist that can help companies make faster, better-informed operational decisions as the work to curb emissions.
Real-time decision-support software, built using operational insights technology, can make it easy for companies across asset-intensive industries to bring together data from across the enterprise, visualize and analyze it and take action on items that have the most impact on emissions and waste reduction.
Those innovations, however, don’t exist in a vacuum. For “the energy transition to happen fast enough to truly have an impact at the scale and timeline that’s required sustainability technology to truly have an impact on the global scale that’s required, collaboration and co-innovation between industry and digital technology innovators will be critical.
While the notion of collaboration between digital solution providers and customers has long been an established part of business, increasingly companies are building partner ecosystems to accelerate projects around the world or co-innovate with start-ups as they develop new sustainability technology. Already, some companies are using technology to overcome significant challenges in their industries.
We remind, Hindustan Petroleum (HPCL) recently launched a project to process 10 percent of all used cooking oil in India as part of an effort to produce greener fuels. The problem, however, was that different oils had different chemical properties, some of which created challenges to the way refineries operate.