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Australia’s Santos aims to store 14 mn tons of carbon by 2040: Australian oil and gas company Santos set a target to establish a commercial carbon storage business, aiming to store 14 mn tons of third-party CO2 annually by 2040, according to a statement. This goal represents 50% of Santos’ 2023 Scope 3 emissions — those generated by consumption of products. The new business will cater to third parties, including major Asian polluters, to meet the growing demand for CCS technology.
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REMEMBER- Santos has partnered with regional players: The UAE’s Abu Dhabi National Oil Company (Adnoc) inked an agreement with Santos to establish a joint carbon management program in the Asia-Pacific region last year.
Spain’s Endesa to shift focus to grids: Spanish power utility Endesa will invest EUR 9.6 bn over the next three years, an 8% increase from its previous plan, Reuters reported. The investment is the highest since 2014 and will allocate EUR 4 bn for grid projects, a 45% increase from the previous plan. While reducing its investment in solar generation, Endesa will continue to focus on hydro and wind power, including a recent EUR 1 bn acquisition of Acciona’s hydro assets.
The company may have regional investors soon: UAE renewable giant Masdar is on its way to acquire a c. 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn (c. EUR 818 mn), according to announcements made in July. The two also signed an MoU to explore an alliance that would develop renewable energy projects in Spain.
