Our vision to be the leading producer and seller of CO2-aware energy is bold, and it requires us to continuously evaluate not only our operating environment, but the way our own operations contribute to our surroundings. Understanding our own impact is the key. As a theme, Sustainable Carbon Cycle is one of the most important development focus areas that interconnects all our business units. The transition towards a more sustainable carbon cycle requires us to identify our current state of emissions and the climate in general, and then create metrics and KPIs to reduce our impact. This theme binds St1’s strategy, our on-going business development, and future scenarios together, while naturally also bringing sustainability closer to our daily operations.
Working towards a more sustainable carbon cycle requires robust, scalable, and economically viable solutions. In our endeavours as an energy company, we don’t only rely on one solution but emphasize the importance of sectoral integration and a long-term transition by utilizing existing energy infrastructure capabilities. The demand for liquid fuels is steady and our logistics chains are in need of more sustainable alternatives on land, in the air, and at sea. One could argue that our global trade and our very existence is dependent on petrol, and that consumption is increasing more rapidly than we are able to launch new, greener solutions to market. This makes climate change mitigation almost impossible. Nevertheless, the St1 Group – our entire value chain – is dedicated to resolve this. We put all our efforts into providing more sustainable solutions to meet energy demand now and in the future.
Our current production of advanced ethanol focuses on using waste and cellulosic materials. It is a strong example of world-class expertise and R&D taking us towards our vision and meeting customer demand for liquid fuels by replacing fossil crude oil with more sustainable alternatives. We are constantly searching for other sustainable raw materials together with our partners, as well as through investments in our own R&D projects. Our Gothenburg Green Process Unit (GPU) is one of the largest investments in renewable fuels and will have an annual capacity of 200,000 tonnes. The production facility is expected to be commissioned in 2023 and will be an integral part of fulfilling our long-term strategy in renewables.
Together with liquid fuels and their role in our society, our ventures toward a more sustainable carbon cycle include wind energy production. It plays an integral role in providing power that can replace fossil energy. Wind power continues to be one of the most cost-efficient ways to produce electricity, and it will serve a significant role in satisfying the rapidly growing demand for renewable electricity. We continue to invest in building additional production capacity in the Nordics and are currently focusing on the potential of Arctic areas in Northern Norway.
Our journey to become the leading producer and seller of CO2-aware energy requires constant learning. Challenging the old truths is one of our ground rules, and also sets the baseline for our future business development. We believe that technology will continue to play an enormous role, and that technology-focused ecosystems and sustainable partnerships will only grow in importance as we search for the most promising innovations and solutions to decrease our dependence on fossil energy. Although technology and innovations are essential, we must not forget the value of nature and the balance it provides to our global ecosystem. One of St1’s focus areas is to invest in the research of nature-based carbon sequestration activities.