Climate Investment announces investment in NextDecade
30 March 2021
OGCI Climate Investment (OGCI CI) has become an investor in a company using CCS to develop one the lowest carbon liquefied natural gas facilities in North America.
NextDecade is the developer of Rio Grande LNG, a liquefied natural gas (LNG) export project in Brownsville, Texas. Earlier this month, the company created NEXT Carbon Solutions, a wholly owned subsidiary that is developing a project at Rio Grande LNG to capture and permanently store more than 5 million tonnes of carbon dioxide per year – over 90% of its emissions – making it one of the largest US CCS facilities in development.
The investment by OGCI CI will allow NextDecade to develop their proprietary processes to lower the cost of using CCS technology. For OGCI CI the project demonstrates the economic and operational viability of CCS to deliver carbon reduction, on a facility that aims to deliver the lowest end-to-end emission LNG possible from the Permian and Eagle Ford basins.
Like OGCI CI, Next Decade has made the reduction of global greenhouse gas emissions a foundational part of its business. Together they hope to show the impactful contribution CCS can make to helping the global energy industry move towards a net zero future.