G.O.I. ENERGY is effectively complying with EU provisions to minimize CO2 emissions from refineries. We are committed to contribute to the fulfilment of the EU targets of moving to a carbon neutral economy by 2050 by including RES in our core business.
Vision and energy transition strategy
In order to address the issue of climate change and drive energy transformation, our strategic goal is to become a provider of low-carbon energy solutions and lower our carbon footprint significantly by 2050.
In light of this, G.O.I. ENERGY is introducing the Energy Company of the Future. Cutting-edge technologies are already being created in-house and new raw materials, hydrogen, and recovered CO2 are assessed to be included in our future pipeline. We are laying the groundwork for the creation of clean fuels, responding to the demand for lower carbon emissions across all transportation sectors, and supporting the EU’s ambitious climate neutrality ambitions.
The role of refining in a climate neutral economy
The demand for liquid hydrocarbons is anticipated to increase until at least 2040, both for use as transportation fuels and as a feedstock for petrochemicals and other applications. These items are the best available for carrying and storing energy because of their unmatched energy density and portability.
Therefore, reducing the carbon dioxide emissions of liquid hydrocarbons progressively is crucial for the EU’s energy and economic value chain as well as for its population. This is due to the fact that even though there may be a decline in the demand for petroleum products globally, liquid fuels will still play a significant role in the energy mix as a result of the expansion of the heavy road, air, and maritime transport sectors, which are absolutely necessary for the use of refined products.
The difference is that the liquid fuels of the future will depend less and less on oil and more and more on new sustainable raw materials. Refineries that have invested in reducing emissions from their operations and are using new raw materials and new, carbon-neutral technologies will produce them. G.O.I. ENERGY refinery facilities will be pioneers among them.
The EU refining industry proposes a transition to a zero-carbon economy, where every liter of liquid fuel could be zero-carbon by 2050, contributing to a 100% reduction in emissions from road transport and 50% of the sea and maritime transport. This proposal is ambitious but achievable. We at G.O.I. ENERGY are already preparing for the new energy era.
The refining industry is therefore an important resource for the EU in the energy transition and has started to evolve to contribute to this goal.
Objectives of the European Union
At COP 21 in Paris in December 2015, the Parties to the UNFCCC reached a landmark agreement to combat temperature change and to accelerate and intensify action to cut back heating to well below 2°C below pre-industrial levels, and probably to 1.5°C. Europe and its Member States are leading this effort, already setting one among the foremost formidable targets within the world – that each one European voters sleep in a climate-neutral economy by 2050.
This is a stake the EU desires to acquire through the Green Deal for Europe, an ambitious plan on the way to result in big modifications in all sectors of the economic system, in enterprise and in our day by day lives, withinside the manner we consume and the manner we travel. To win this bet, climate action has become the number one priority for the EU and national governments, but also for citizens, which is why these terms – climate change, transition and carbon neutrality – are now a good part of our everyday lives.
Achieving these goals, while maintaining the competitiveness of its economy and the quality of life of its citizens, is a huge challenge for the European Union, as it will require changes throughout the EU energy system and in consumer behavior. It will depend on innovative solutions, which require both technological excellence for their development and the means to finance the necessary investments
FuelsEurope Vision 2050
FuelsEurope Vision 2050 is the Refinery enterprise’s complete concept for the transition to the brand new low-carbon economy, contributing to the EU’s environmental targets and offering low priced answers for transport, enterprises, and citizens. It analyses the destiny position of liquid fuels and different merchandise in keeping with EU’s targets timeline and discusses how the refineries can boom their performance in light of the energy transition.
G.O.I. ENERGY expertise in refining and re-refining has contributed to FuelsEurope Vision 2050 leading the energy transition towards the next day of the energy sector.