NextDecade Corporation (NextDecade) (NASDAQ: NEXT) Tuesday announced that the Company has developed proprietary processes using proven technology to reduce carbon dioxide equivalent (CO2e) emissions at its proposed Rio Grande LNG facility by approximately 90 percent. NextDecade is also exploring options to address the remaining emissions to enable Rio Grande LNG to achieve carbon-neutrality.
Throughout the course of NextDecade’s pre-FID development activities, and intensively in recent months, the Company has evaluated multiple technical solutions to ascertain the commercial viability of dramatically reducing CO2e emissions at Rio Grande LNG.
Based on these evaluations, NextDecade has determined that carbon capture and storage (CCS) is the most feasible technical solution for Rio Grande LNG. The Company believes that the addition of proven CCS technology in conjunction with its proprietary processes could reduce the CO2e emissions of its Rio Grande LNG facility by approximately 90 percent. While NextDecade advances its work in this area, the Company is also exploring options to address the remaining (approximately 10 percent) CO2e emissions.
“Natural gas has a critical role to play in the global energy transition to a low-carbon economy, ensuring the security of energy supplies and preserving high quality jobs in the United States and around the world,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “Our work to date confirms that reliable, competitively priced LNG and responsible environmental stewardship are not mutually exclusive. A solution that promises both is indeed eminently feasible with the thoughtful use of existing technologies and the application of our proprietary processes.”
NextDecade continues to work on remaining commercial agreements needed to achieve a final investment decision in 2021, enabled by flexible commercial offerings and leadership in environmental and social performance including targeting carbon-neutrality at Rio Grande LNG.