Picture: Mr Rigas CEO of the Energean group
Emphasis on natural gas and CO2 storage to reduce emissions is the only way forward for the countries of the Eastern Mediterranean , stressed the CEO of the Energean group , speaking in the framework of the East Mediterranean Gas Forum (EMGF) that met on Monday in Cairo , with topic "Using technology for decarbonisation in the Eastern Mediterranean".
Mr. Rigas said that, while the discussion is focused on decarbonization and the goal of net zero , which Energean committed to first than any other research and production company internationally, the Mediterranean countries still consume fossil fuels such as lignite, coal and oil for the production of electricity .
So, the first step is to put even more emphasis on the use of natural gas , which is clearly the most environmentally friendly fuel. And in order to achieve this goal, the appropriate political and institutional environment should be created and strengthened in all countries, since moreover the necessity of using natural gas has been demonstrated – even in a dramatic way, as happened with the invasion of of Russia in Ukraine.
The second step is the cooperation between businesses and governments to create the appropriate institutional framework for the development of CO2 storage projects , which happened in Greece, as a result of which the country became the first in the Eastern Mediterranean to obtain very specific legislation for the implementation of investments in CO2 storage and for the conversion of deposits that are going to be exhausted into storage areas.
However, Energean's CEO pointed out that, given how the know-how exists, the collaboration with governments exists and the required positive framework is created, the role of financing that will have to be secured in order to realize the very large investments required will be decisive . And it must be understood that overall hydrocarbon exploration and production, refineries and other industries must go down this road, as they will not be able to operate in the future.
"We are used to talking about Big Oil, but now we will talk about Big Carbon" said Mr. Rigas, who attached particular importance to the fact that financial instruments and incentives for businesses have been created and continue to be created in the European Union to invest. "Something similar must also happen in the Eastern Mediterranean, where the Prinos CO2 storage project can be followed and implemented in every country in the region. Governments should therefore make this case a priority," concluded Energean's CEO.
source: newmoney.gr