NOVATEK becomes member in the Arctic Economic Council in an environmentally conscious streak
Operating the Yamal LNG plant in Sabetta, NOVATEK is the largest private company operating in along the coast of the Russian Arctic.
The AEC is an independent organization and a facilitator of Arctic economic development through “business-to-business activities”.
The Chairman of NOVATEK’s Management Board has stated in a press release that one of the company’s main priorities is “responsible business conduct in compliance with international standards and best practices in environmental protection and climate change mitigation.”
According to NOVATEK, becoming a member of AEC enables them to work in an environment which supports their principles of responsible development.
Another notable mention in their steps towards responsible development includes moving toward increased hydrogen production.
On January 29th, NOVATEK alongside Uniper signed a Memorandum of Understanding (MOU) to examine the possibilities of developing a hydrogen value chain. The MOU is looking into the production of “blue” hydrogen from natural gas. This will be accompanied by carbon capture technology which will capture and store the CO2 product from the hydrogen production. Additionally, the partners agree to look at possible production of “green” hydrogen from renewable energy sources.
NOVATEK announced yet another agreement this week which will help the company become greener. Together with Nuovo Pignone, an Italian fossil fuel machinery manufacturer which is part of the Baker Hughes Company, the gas producer signed a cooperation agreement which aims to decrease CO2 emissions. Apart from simply reducing CO2 levels, the companies are interested in developing electrical and gas turbine solutions for natural gas and liquified natural gas (LNG) production.
A series of other companies are also taking greener measures as the climate change crisis is reaching new disastrous peaks. Both Uniper and Nuovo Pignone have moved towards greener production schemes.
Turning to greener production methods is likely to continue becoming more and more prevalent as technological advances and price decreases in renewable energy will drastically alter the energy production market.
Although the Paris Agreement’s goal of limiting global warming to below two degrees Celsius is still far from being feasibly accomplished, market changes and companies’ responses to such alterations inch progress in the right direction.