SLB to invest nearly $400 million in carbon capture company in push to scale technology
SLB to invest nearly $400 million in carbon capture company in push to scale technology CNBC
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Sustainable Development Goals (SDGs): Accelerating Carbon Capture Technology
In this article
Introduction
The oilfield services giant SLB, formerly known as Schlumberger, is aiming to accelerate the deployment of carbon capture technology through an investment in Norway’s Aker Carbon Capture.
Investment Details
SLB will pay about $380 million, or 4.12 billion Norwegian kroner, for an 80% stake in Aker Carbon Capture. The deal is expected to close by the end of the second quarter.
Stock Performance
SLB stock was flat in early trading Thursday.
Focus on Lower-Carbon Technologies
Schlumberger rebranded as SLB in 2022 as part of the company’s growing focus on lower-carbon technologies. SLB is targeting $3 billion in revenue from its new energy business by the end of the decade.
Carbon Capture and Storage
CEO Olivier Le Peuch stated that carbon capture and storage will be a leading contributor to the $3 billion revenue target. SLB is participating in more than $400 million worth of tenders related to carbon capture and storage.
Importance of Carbon Capture
Carbon capture is a technique that captures carbon dioxide from industrial operations and stores it underground. The International Energy Agency (IEA) has described carbon capture as critical to achieving net-zero emissions globally by 2050.
Aker Carbon Capture’s Solution
Aker Carbon Capture has developed a process that absorbs carbon dioxide emissions with a solution made of water and organic amine solvents. This process can be applied to gas, coal, cement, and refineries.
Challenges and Opportunities
The carbon capture industry has struggled to deploy the technology at a commercial scale. The IEA emphasizes the need to prove that carbon capture and storage can operate at scale to achieve net-zero goals.
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 13: Climate Action
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase substantially the share of renewable energy in the global energy mix.
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable.
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Investment in carbon capture technology by SLB indicates progress towards increasing the share of renewable energy (SDG 7.2).
- The development of a process for carbon capture by Aker Carbon Capture implies progress towards upgrading infrastructure and retrofitting industries (SDG 9.4).
- The goal of achieving net-zero emissions globally by 2050 and scaling carbon capture technology between 100 and 200 times in less than three decades are indicators of integrating climate change measures into national policies (SDG 13.2).
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | Increase substantially the share of renewable energy in the global energy mix (7.2) | Investment in carbon capture technology by SLB |
| SDG 9: Industry, Innovation, and Infrastructure | Upgrade infrastructure and retrofit industries to make them sustainable (9.4) | Development of a process for carbon capture by Aker Carbon Capture |
| SDG 13: Climate Action | Integrate climate change measures into national policies, strategies, and planning (13.2) | Achieving net-zero emissions globally by 2050 and scaling carbon capture technology between 100 and 200 times in less than three decades |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: cnbc.com
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