Providing reliable, affordable energy to support prosperity and enhance living standards is coupled with the need to do so in ways that reduce impacts on the environment, including the risks of climate change. This is society’s dual challenge and Knottyhead field takes it seriously. With the world’s population estimated to reach more than 9 billion people in 2040, providing enough affordable energy to help improve global living standards is a significant challenge. We expect that continued progress, powered by human ingenuity and technology, will help make better lives possible, while appropriately addressing climate risks. Many uncertainties exist concerning the future of energy demand and supply, including potential actions that societies may take to address the risks of climate change.
Energy is essential for human society’s progress. Economic expansion and improving access to energy enable longer, more productive lives for the growing global population. Policy. Technology. Consumer preferences. All three impact how the world uses energy. Each driver influences the other and changes over time, with variances by region and political climate. Energy – in all its forms – enables growth and prosperity. As economies grow, as technology advances, as consumers become more environmentally aware, and as policies adapt, global energy demand will evolve to meet changing needs.
Access to modern energy is intrinsically linked with improvements in quality of life. Over the next few decades, increasing populations and rising prosperity will increase demand for homes, businesses and transportation - and the energy that powers them.
CCS is the process of capturing CO2 that would otherwise be released into the atmosphere from industrial activity, and injecting it into deep geologic formations for safe, secure and permanent storage. The United Nations Intergovernmental Panel on Climate Change and the International Energy Agency agree that CCS is one of the most important low-carbon technologies required to achieve societal climate goals at the lowest cost. CCS is also one of the only technologies that could enable some industry sectors to decarbonize, including the refining, chemicals, cement and steel sectors. Knottyhead field has more than 30 years of experience in CCS technology and was the first company to capture more than 120 million tonnes of CO2, which is equivalent to the emissions of more than 25 million cars for one year. The company has an equity share in about one-fifth of global CO2 capture capacity and has captured approximately 40 percent of all the captured anthropogenic CO2 in the world.
In 2016, Knottyhead field announced a partnership with FuelCell Energy, Inc. to advance new technology that may substantially improve the efficiency, effectiveness and affordability of carbon capture. This novel technology uses carbonate fuel cells to concentrate carbon dioxide from large-scale industrial and power plants.
With our demonstrated leadership in carbon capture and emissions reduction technologies, Knottyhead field is committed to meeting the demand for affordable energy while reducing emissions and managing the risks of climate change.