KRG Engineering to invest £2 million in renewables strategy
KRG Engineering is investing £2 million in new equipment and technology as part of a new renewables-oriented global strategy.
The engineering specialist aims to grow turnover by 20 percent annually for the next five years by expanding its oil and gas, rail, defence and FMCG presence and diversifying more into renewables. KRG owns a 20,000sqm facility in Coatbridge, Scotland, servicing food manufacturers, the MoD and tier one OEMs in the oil and gas sector.
Gerry Hughes, CEO at KRG said as global economies look to infrastructure and other critical industries to 'build back better', it can play a vital role in ensuring robust, reliable components.
"In these industries, the integrity of a single part can lead to downtime, which significantly impacts the entire operation. Our components are used on some of the most complex oil and gas equipment, so we have the skills and knowledge to support the offshore renewables sector, including the wind supply chain," he said.
"This is the time to realise our potential and to do that, we want to reinvest into the untapped engineering talent we have in Scotland to solve safety and uptime challenges. By housing all our capabilities under one roof, we offer customers in the renewables industry an end-to-end solution to reduce costs and interfaces while improving quality and reliability."
Last week, Aker Solutions and Doosan Babcock signed an MoU to deliver low-carbon solutions and renewable energy projects in the UK (click here) and Octopus Energy Group announced its intention to acquire sister company Octopus Renewables, adding £3.4 billion of green energy projects to its asset management portfolio.
Renewable energy is growing rapidly and according to the International Energy Agency (), renewables reached 30 percent of global electricity generation capacity in 2020. The IEA sees renewable energy overtaking coal to become the largest source of electricity generation worldwide by , supplying one-third of the world’s power.
Multinationals such as BP, Total, Shell and many more are all investing and expanding in renewable energy.
stated that it will reduce its oil and gas production by 40 per cent by 2030 whilst boosting investments in renewable energy by $5 billion a year. They will also in and build renewable energy capacity of 20GW by 2025 and 50GW by 2030.
French oil & gas company has pledged to increase its annual investments in renewables by 50% by 2030. By increasing its annual investment it will bring 35GW of new renewable energy production capacity online by 2025. This is up from the previous target of 25GW.
aims to reduce its net carbon intensity by 6-8 percent by 2023, 20 percent by 2030, 45 percent by 2035 and 100 percent by 2050. They are investing in projects such as developing integrated hydrogen hubs and nature-based solutions.
Mirico Cloud identifies emission changes
Mirico is extending its gas measurement services with the launch of Mirico Cloud for the oil and gas industry.
The platform lets customers detect and quantify gas emissions across multiple oil and gas sites, and quickly fix issues causing changes in emissions. Customers can be contacted by SMS or email for alerts if a new emission is above a certain size, or about an existing known emission that has started to grow.
Customisable dashboards can show average emissions over the last 24 hours or how emissions vary by asset type.
"It's great to be able to broaden the service we provide our customers," said Dr Linda Bell, CEO of Mirico. "We really feel this is a big step forward in helping the oil & gas industry to quickly identify emission issues at scale and ultimately help them in their goals to reach net zero."
The industry remains under intense pressure to deliver on emission targets. Achieving 50% lower emissions by 2030 will require either full electrification of the West of Shetland and Central North Sea or earlier-than-expected field cessations, according to Wood Mackenzie.
In 2018 the UK produced 451 million tonnes CO2 equivalent (MtCO2e) of greenhouse gas emissions. Around 3% of this total is direct emissions from oil and gas activity on the UK Continental Shelf. Energy generation, mainly from fossil fuels, produced 23% of emissions, and the transport industry accounted for a further 28%, mostly from the use of oil-based products.
The North Sea Transition deal has four key pillars:
- Supply decarbonisation reduce emissions from oil and gas production by 50% by 2030
- Carbon capture and storage (CCS) target 10 Mtpa of carbon capture by 2030
- Hydrogen deliver 5 GW of low-carbon hydrogen capacity by 2030
- Supply chain/people deliver investment of £14-16 billion into low-carbon technology by 2030
Methane in the spotlight, a busy 48 hours for bp and JPMorgan releases carbon reduction targets
Institutional investors with a collective $5.35 trillion in assets are calling on the Biden administration to get tougher about methane emissions as it seeks to address climate change. "Any credible pathway for the use of natural gas in a Paris-aligned future must address methane emissions," it states.
Cutting human-caused methane by 45% this decade would keep warming beneath a threshold agreed by world leaders, according to the UN Environment Programme. Such reductions would avoid nearly 0.3°C of global warming by 2045 and would be consistent with keeping the Paris Climate Agreement’s goal, to limit global temperature rises to 1.5˚C, within reach.
bp and CEMEX will work together on accelerating the progress of the latter's 2050 ambition to deliver net zero CO2 concrete globally. Around 70% of global emissions come from transport, industry and energy and cement making is energy intensive. Last week bp and renewable energy supplier Pure Planet forged a partnership to launch a new digital energy service that will support households, EV drivers and energy consumers in the UK.
Hot on the heels of the CEMEX announcement, bp shareholders rejected a plan that would have forced the company to strengthen its climate commitments in an AGM poll, with only 20.65% pledging support. "We will continue to engage with shareholders on our strategy, targets and aims so as to ensure their views are fully understood," it stated. One of the challenges is that there is no single metric that measures Paris consistency, according to chief executive Bernard Looney.
JPMorgan Chase yesterday released comprehensive steps it is taking in its efforts to align its financing activities with the climate goals of the Paris Agreement, publishing 2030 carbon intensity targets for the Oil & Gas, Electric Power and Auto Manufacturing sectors. It also released its new Carbon Compass methodology that describes how the firm set its targets and how it will monitor progress over time, and unveiled a Center for Carbon Transition.
“There must be collective ambition and cooperation by business and government to tackle climate change,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. "Setting our Paris-aligned targets is an important step toward accelerating the transition to a low-carbon economy and meeting the goals of the Paris Agreement. JPMorgan Chase is committed to doing its part by working with clients around the world to reduce emissions and by ensuring our own operations remain carbon neutral."