From sustainable footpaths to fashionable dress to sophisticated e-fuel. At their annual meeting, CO2 Value, a partner organisation of BNP Paribas Fortis, illustrated very concretely how carbon capture and utilisation can help defossilise the economy.
It’s simple, in fact. Forests and oceans can absorb CO2 that is released. But fossil fuel combustion, industry and land use create so much CO2 that nature can no longer handle that absorption. The result is global warming. So we need to reduce CO2 emissions and use more renewable energy. That solution is unfortunately less straightforward in practice, although there are already many promising technologies to accelerate decarbonisation. And that is exactly what CO2 Value Europe is working towards.
Circular carbon economy
CO2 Value Europe, a partner organisation of BNP Paribas Fortis, is an inter-professional organisation representing the Carbon Capture & Utilisation (CCU) community in Europe. It strives for a circular carbon economy. It seeks alternative ways and technologies to capture CO2 and then recycle it into usable sustainable raw materials for fuels, chemicals and building materials, among others.
Crash course in CCU
The audience at this year's sixth edition of CO2 Value's annual meeting was just a little more diverse than usual. Besides members, interested companies and clients of BNP Paribas Fortis were also able to attend the meeting. And they did so in large numbers. Carbon capture and utilisation is a hot topic. A lot of companies are facing a sustainable transition and want to decarbonise. Attendees were given a crash course in 'What is CCU?', but it was mainly the concrete applications that really appealed.
Sustainable footpath
VITO, a Flemish independent research organisation in the field of cleantech and sustainable development, gave an example of how CO2 mineralisation can make the construction sector more sustainable. This technology not only leads to lower CO2 emissions, but permanently stores carbon dioxide in valuable products such as bricks and many other building materials. In Ghent, for example, there is already a footpath made of sustainable bricks.
Dress to impress
CCU can also make a difference in the fashion sector, LanzaTech proves. They convert carbon waste into sustainable fuels, fabrics, packaging and other products that people use in their daily lives. One of these is a synthetic fibre to make clothes that are sustainable without sacrificing anything in terms of comfort or style.
E-methane
Fossil fuels remain a major source of CO2. With the Colombus project, Engie, Carmeuse and John Cockerill are joining forces. They are developing an alternative fuel that will help decarbonise industry and the transport sector. CO2 released during lime production is captured by Carmeuse and then combined with green hydrogen from Engie. Based on this, John Cockerill produces carbon-neutral synthetic methane or e-methane via electrolysis as an alternative to fossil fuels. This is a great example of a circular carbon economy.
Sustainable partnership
As a partner from the very beginning, BNP Paribas Fortis is 100% behind CO2 Value's mission. Sustainability is in the bank's DNA, so we certainly encourage a new circular and industrial value chain. As a banker, we take our responsibility seriously and are happy to help develop innovative solutions that make our economy more resilient and sustainable.
Want to know more? Visit the CO2 Value Europe website.
15.01.2021
In the future, will we use CO² to build?
It sounds somewhat futuristic, but today building with CO² is possible. Thanks to accelerates carbonation, CO² is used to produce building material. A sustainable footpath in Ghent illustrates how promising this new technology is.
In mid-December, CO2 Value Europe, a think- and do- tank representing the carbon capture and utilisation (CCU) community in Europe, held a webinar about the use of CO2 to create building material. Concrete examples of this sustainable technology were given to illustrate the potential they can offers, especially in the hard-to-abate construction sector. BNP Paribas Fortis and CO2 Value Europe are partners in issues related to financing innovative and sustainable technologies. As an institution, we work hard to promote corporate sustainability.
The second-most polluting industrial sector
As well as being one of the largest in the world, the cement industry's high levels of flue gas emissions also make it one of the most polluting. Cement is a crucial component in concrete, which is vital for the building sector. A sustainable alternative to cement could make a huge difference. One option here is carbonation, also known as CO2 mineralization. While this CCU technology is not yet well known, it has the potential to play a crucial role in mitigating climate change.
Giving nature a helping hand
Carbonation is a natural process, where minerals react with CO2 to create e.g. limestone and dolomite. In nature, this process takes thousands of years, but today, thanks to innovative methods, this time can be cut down to some minutes. This process requires relatively small amounts of energy and can be used to create several different products, including bricks where CO2 is sequestered permanently.
CO2 all the way
The development of CCU technology has accelerated sharply in recent years. We now have cement alternatives that meet the building sector’s technical requirements. There are various ways to store CO2 into construction materials. For example, CO2 can be injected as an alternative to water for hardening cement. What’s more, CO2 can be used to convert mineral waste from steel and mining industries into new products such as aggregates, which can be used as a basis for paving or building blocks.
Good for the planet
Mineralization of CO2 has a significant impact on the environment, because it has an effect at different levels. The annual global reduction in CO2 emissions is estimated to be 250 - 500 million tonnes by 2030 (source CO2 Value Europe).
- CO2 can be captured from flue gas emitted by industrial processes used to create steel, cement, and chemicals, with no need for concentration or treatment.
- CO2 can be captured directly from the atmosphere to create negative carbon emissions, i.e. carbon removal.
- In both cases, the CO2 will be stored permanently in building materials.
- Mineral waste and even construction waste are used together with CO2 to make new building materials, so it reduces landfills and the associated costs.
- Recycling carbon and construction wastes means fewer new natural resources are exploited.
What’s the catch?
New developments are never without their challenges, and this is no exception. Offering a competitive, quality alternative to concrete in a circular economy requires investment and adaptation.
- Factories will have to adapt their plants. Locating them close to significant sources of CO2, like a steel factory, is recommended so the CO2 and the waste fractions do not have to be transported.
- Manufacturing new products takes energy and creates CO2 emissions, even if the products are made using carbon dioxide and waste. It is why renewable energy should be used as much as possible to increase the sustainability of the processes.
- The commercialization of accelerated carbonation technologies is quite recent, and some processes are not optimally equipped for this yet.
- The lack of appropriate regulatory frameworks is also a drawdown to allow for a fast deployment of CCU technologies. This is an area CO2 Value Europe is especially working on.
Despite these challenges, Andre Bardow (Professor of Energy & Process Systems Engineering, ETH Zurich) told us during the webinar that he is convinced CO2 mineralization reduces the CO2 footprint from a life cycle perspective, even more than carbon capture and storage (CCS).
Zero domestic waste
There are already companies producing low-CO2 construction materials around the world. One of them is in Limburg. Orbix, in Genk, has successfully extracted minerals from steel production waste (known as slag) which are used as a basis for eco-friendly concrete stone. Not only is liquid CO2 used to produce concrete stone rather than polluting cement, but residual waste that would otherwise be dumped in landfill is also recycled.
There is a great example of this in Ghent, where Orbix worked with the Flemish research institute VITO to create the Stapsteen project for the city. Visitors can walk on Belgium’s first-ever circular economy footpath in the Leewstraat: 100m2 made entirely from sustainable bricks, saving a full 2 tonnes of CO2.
Do you have sustainability plans for 2021? Our experts at the Sustainable Business Competence Centre can provide advice about innovations like CO2 mineralisation and support your sustainable transition.
25.02.2021
How can the blue economy make a difference?
What if the future of sustainable business is at the bottom of the ocean for once? Marine biodiversity contains resources that can meet the environmental challenges of many sectors. Perhaps yours, too. Find out more during an online event about the promising blue economy on 11 March 2021.
Blue is the new green
71% of our planet consists of water. Seas and oceans play a crucial role in our climate, and coastal areas can capture up to five times more CO2 than tropical forests. The blue economy wants to benefit from all these advantages to improve both the environment and our well-being,
With local being the keyword. And that's where the difference lies with the green economy, which also focuses on the environment and health, but not always in such a sustainable and smart way. Eating organically grown quinoa from Ecuador, for example, is healthy and eco-friendly, but transporting it here is expensive and creates high amounts of pollution.
Offshore sustainability
What does the underwater world have to offer that can be reused, recycled or converted into new sustainable products? A lot, it turns out, as the unique properties of organisms such as algae, starfish, jellyfish or sea cucumbers can be transformed into sustainable products with high added value. This is a process that requires creativity and innovation, and is already with us today.
For your sector, too
The blue economy is expanding rapidly and could bring about a revolution in a wide range of sectors such as healthcare, food, the plastics industry, cosmetics, energy and even aerospace. It is fully capable of helping companies transform their traditional activities into a sustainable model. And in Belgium's ports, the country already has a huge advantage and excellent access to coastal and offshore areas.
Another scoop of microalgae?
Microalgae, for example, offer a lot of promise, as they can renew themselves and thrive both in the desert and in the ocean. They contain many healthy components, such as proteins, that can be used to develop food products.
Sustainable plastics
When discussing the oceans, the plastic problem is never far away. Human beings are producing more and more plastic as the world's population grows, yet the problem with the existing plastic is that it's nigh on impossible to recycle as its components are hard to separate. By making a completely different type of plastic from biomass, its recycling is already considered at the design stage. A large amount of biomass remains unused in the oceans, and using smart, natural polymers could revolutionise plastic production, for example. These polymers are capable of self-renewal and can adapt to their environment.
Who will pay for it?
Great ideas, you think, but who will pay for them? The financial sector certainly wants to play a role in this revolution and is prepared to take risks and invest in new technologies, production systems and R&D.
This commitment was formalised in various ways during the climate week in New York at the end of September 2020. BNP Paribas signed the Principles for Responsible Banking (PRB) and joined the UNEP FI's Collective Commitment to Climate Action, a partnership between the United Nations Environment Programme and the financial sector. In terms of the maritime sector, the Bank committed to working with customers to preserve and sustain the oceans. Read more about this commitment here (only available in French).
Would you like to find out whether the blue economy could make a difference to your sector?
Sign up here for a free online event on this subject on 11 March 2021 (in English only), organised by BNP Paribas Fortis Transport, Logistics and Ports Chair.
01.07.2022
CO² Value Europe: a partnership for a circular carbon economy
The bank is partnering with CO² Value Europe, an organisation that aims to deploy technologies for capturing and using CO² as a raw material.
What if it was possible to capture CO2 for recycling and use it as a raw material, rather than relying on fossil carbon? At CO2 Value Europe, this is not a futuristic vision, but a very concrete ambition, based on the concept of Carbon Capture Utilisation (CCU). These technologies are being rolled out to more and more industrial players and have the potential to make a real difference in the fight against climate change.
The birth of a solution
“For many industrial sectors, completely eliminating carbon is very difficult, if not impossible”, says Célia Sapart, Director of Communications and Climate Science at CO2 Value Europe. "It’s not just about reducing our CO2 emissions to meet climate targets. It's also about developing a circular carbon economy, capturing CO2 from industrial fumes or directly from the atmosphere and transforming it into different types of products needed, such as building materials, basic chemicals and renewable fuels. It is therefore a question of reducing our emissions while at the same time 'de-fossilising' our economy.”
One billion tonnes of CO2 every year
A crazy project? On the contrary! “Many initiatives are developing and things are speeding up, but today there is a lack of a legislative and regulatory framework to move up a gear", says Sapart. "Contributing to defining this framework is also one of the key reasons for creating CO2 Value Europe, as our aim is to enable CCU technologies that have a scientifically proven positive impact on our environment to be developed on a large scale. To this end, we lobby the European authorities to ensure that the concept of the CCU is properly considered and taken into account, for example in the European Emissions Trading Scheme (ETS). We are convinced that these technologies, developed in a clearly defined and regulated context, will make a difference and can lead to a significant reduction in CO2 emissions every year, as several studies from the latest IPCC assessment report reveal.”
An exchange of expertise
“We see this new partnership with BNP Paribas Fortis as a true sharing of knowledge”, says Anastasios Perimenis, Secretary General at CO2 Value Europe. "In order to accelerate the transition and make the first big projects happen and inspire others, we need financial support. BNP Paribas Fortis can help us understand which criteria are important to help finance the most promising CCU projects and put us in touch with key players. For our part, we bring our multidisciplinary knowledge and expertise on the CCU to increase investments in technologies that contribute to the transition to a circular, more sustainable and de-fossilised industry.”
Our support as a bank
“We are very excited to work with CO2 Value Europe”, says Didier Beauvois, Head of Corporate Banking and Member of the Executive Board of BNP Paribas Fortis. "To empower its impact on the climate, but also to encourage the creation of a new circular and industrial value chain. At BNP Paribas Fortis, we share CO2 Value Europe's ambition and want to play our role as a banker to the full, contributing to the development of innovative solutions that will make our economy more resilient and sustainable.”
Putting our expertise and relationships at the service of those seeking solutions for a better and more environmentally friendly industry: another example of Positive Banking.
Find out more
09.12.2024
Managing business uncertainty with BNP Paribas Fortis
Every entrepreneur will tell you that financial markets are unpredictable, entailing inherent risks. We provide tailored solutions to protect your business as you navigate these volatile markets.
Whether you’re a small or large business, operating domestically or internationally, one thing is certain: if you enter a market and do your utmost to grow your business, sooner or later there inevitably will come a time when you expose yourself to risks. Frédéric Raxhon, Head of FI Midcap Sales, BNP Paribas Fortis Transaction Banking, is our go-to expert. Here, he explains how BNP Paribas Fortis helps customers manage this uncertainty.
Raxhon knows how market volatility can impact the daily operations of small, medium and large enterprises. Thanks to his experience of working as a banker in corporate finance, shares and derivatives, and advising holding and listed companies, he understands how the market works like no other.
Raxhon: "We are keenly aware that price uncertainty, in the form of volatility on the financial markets, can have a serious impact on the operations and profitability of businesses. That’s why we constantly monitor the markets and their volatility: if prices fluctuate sharply, our customers run the risk of buying high and selling low. The past few years are a good example of what can happen, with a sudden rise in interest rates, an energy crisis with very volatile prices, and a sharp rise in inflation. We will continue to see volatility in these markets, due to geopolitical tensions and ongoing wars. However, elections can also cause volatility, as they often cause a change in economic policy. President-elect Donald Trump has already said that he will hike tariffs on goods coming from outside the U.S., which will have an impact on global growth and inflation. The transition to a more sustainable society because of the energy transition, however positive this may be, is also a source of uncertainty. Companies will be required to make significant investments, and it is not yet clear which technologies will prevail.
All of these factors show that companies need guidance in the form of a tailor-made solution to ensure that volatile markets minimise the impact on their operations so that they can focus on their core business."
Solution-oriented
The solution to this volatility comes from a partner who is a market leader when it comes to safeguarding national and international business.
Raxhon: "At BNP Paribas Fortis, this often means managing the risks of companies that have a number of straightforward wishes: they want to conduct business on a daily basis without unnecessary complications; buy at a stable price where possible; pay wages in a stable environment; sell to customers with a profitable, stable margin, and so on. If they experience market uncertainty in their business operations, we are there to advise them and suggest solutions in different scenarios. This can range from companies that want stability when buying or selling goods in another currency, to controlling fluctuating interest rates on current or future loans, or even creating a stable financial environment in which they can steadily pay their wages. We also hedge raw materials: companies that require large quantities of energy, metal, or wheat, for example – just a few of the commodities that are subject to price fluctuations – can rely on our expertise to turn their uncertainty into certainty. When companies are calculating their budgets for the coming years at the end of the year, assumptions about budgets and costs are a factor that future markets do not take into account. This, in turn, could lead to inconsistencies in business operations during the next financial year. We regularly suggest solutions for this, which inject trust into the entire process. We help entrepreneurs make their business more resilient to market fluctuations. Because at BNP Paribas Fortis, we are always focused on finding solutions, in any given scenario."
International intelligence
Belgian companies are increasingly expanding their horizons, which is why an international perspective is so crucial.
Raxhon: "Everything is intricately connected in the economic space. The energy crisis, for example, was not a national crisis. In Belgium, electricity prices were directly impacted by the drop in nuclear power production in France in 2022. The American elections have a direct impact on international business, with anxiety gripping investors and the markets. And I can give you many more examples.
Moreover, we expect this interdependence and volatility to continue for quite some time: there are a large number of economic and global trends that are feeding this uncertainty. And that is why it is so important that we keep up with developments in this uncertain global environment. At BNP Paribas Fortis, we rely on a global network of experts who are always on the lookout for the latest updates. Whatever happens and wherever it happens, there are always people from our bank on the ground who monitor the situation and provide us with real-time advice on how best to inform our customers. This network has proven its worth time and again, both for us and our customers."