General – CCS Project
Shell has signed a Joint Study Agreement with CNOOC, Guangdong Provincial Development and Reform Commission and ExxonMobil for the Daya Bay carbon capture and storage (CCS) hub project in China.
It is a significant step forward in developing this joint project after we signed the Memorandum of Understanding for the project in June last year. The four parties intend to explore the development of the CCS hub to capture up to 10 million tonnes of CO2 a year. If successful, it will be China’s first offshore large-scale CCS hub which could help reduce significant CO2 emissions of the Daya Bay region.
With this Joint Study Agreement signed, the parties will work together to assess the technical solution, develop the business model and work with government to develop enabling policies for the project.
China has an ambitious decarbonisation path – from about 10 billion tonnes of CO2 emissions a year to net-zero within 30 years. A shift to cleaner energy sources and energy efficiency will not be enough, which makes CCS an essential part of the solution for China to achieve carbon peak by 2030 and carbon neutrality by 2060.
