Greif is pleased to announce a new carbon storage initiative, through one of its subsidiaries, Soterra.
Operating more than 175,000 acres in the U.S. Southeast, Soterra is a leader in sustainable forest management. Following a third-party assessment to determine the carbon sequestration potential on Soterra’s managed timberlands, Greif is now working with a handful of partners to develop deep pore space for carbon capture and storage (CCS) projects.
What is Carbon Capture and Storage?
Carbon capture and storage (CCS) is a way of reducing carbon emissions, which could be key to helping to tackle global warming. It’s a three-step process, involving: capturing the carbon dioxide produced by power generation or industrial activity; transporting it; and then storing it deep underground.
Read more on CCS from National Grid here.
One such project is with Denbury, a premier carbon solutions company that recently entered into a definitive agreement to be acquired by Exxon Mobil.
Working together, we are developing a dedicated CO2 sequestration site on over 8,000 acres of Soterra-managed land. The goal is to store an estimated capacity of at least 100 million metric tons. That is equivalent to taking more than 21 million cars off the road!
“As a Greif company, we take sustainability seriously. Using fact-based management practices, we are committed to managing our forests sustainably and finding the highest and best value for the land.
“Partnering with industries seeking to capture CO2 emissions and leveraging our deep pore space, we are making a considerable contribution towards reducing greenhouse gas emissions,” said Andy Callahan, Director of Business Development and Operations at Soterra, LLC.
“Protecting our Future is a core mission of Greif’s Build to Last Strategy. Through projects like these, we are proud to be doing our part to build a more sustainable future.”
Greif and Soterra are proud to be at the forefront of sustainably combining sound forestry management with carbon capture technology to provide powerful climate solutions.
As this project develops, we are excited to see the immediate impact it can have and how it could be scaled over time.