Aspen Technology has introduced the AspenTech Strategic Planning for Sustainability Pathways™, a new tool designed to help companies plan and optimize carbon capture, utilization, and storage (CCUS) projects. This tool aims to ensure that investments in reducing greenhouse gas emissions are effective and beneficial for sustainability goals.
Purpose and Benefits
The main goal of this solution is to guide companies in making smart decisions about CCUS projects. By using this tool, businesses can make sure that their investments in technology to reduce emissions not only work but also provide value and support long-term operational goals.
Development and Collaboration
The development of this tool involved a licensing agreement in 2023 and collaboration with Aramco, one of the world’s leading energy and chemicals companies. This partnership helped AspenTech create a robust planning solution tailored for large-scale investments.
Co-Innovation Program
AspenTech is also launching an expanded co-innovation program. This program will bring together leading companies and engineering firms to develop a broader range of strategic planning solutions. The aim is to optimize various sustainability pathways, not just carbon capture.
Industry Insights
Dr. Vikas Dhole, General Manager of Sustainability Solutions at Aspen Technology, highlighted the importance of carbon capture, stating, “Carbon capture is just one sustainability pathway. Through our expanded co-innovation program, we will continue to develop solutions that help industries meet both sustainability and operational goals, given the significant investments projected in this area.”
Rasha Hasaneen, Chief Product and Sustainability Officer at Aspen Technology, added, “Industries play a critical role in achieving global net-zero goals. Carbon capture is a vital part of this journey and requires significant investment. Our new strategic planning solution focuses on optimizing these investments across the entire carbon capture value chain.”
Conclusion
AspenTech’s new tool and co-innovation program aim to support companies in making effective and valuable investments in sustainability. By optimizing carbon capture projects, AspenTech is helping industries contribute to a cleaner, more sustainable future.
Aspen Technology has developed the AspenTech Strategic Planning for Sustainability Pathways™, which is a tool for creating innovative modelling and optimisation solutions. The purpose of this new solution is to help and guide companies when it comes to making decisions around carbon capture, utilisation and storage.
The aim behind this new creation, is to ensure that the significant investments which companies make into technologies that are dedicated to mitigating greenhouse gas emissions, create the desired effect and drive value, as well as having a positive impact on sustainability goals. AspenTech’s Strategic Planning solution is directed at large capital investments and it has also been developed to support long-term operational performance objectives.
The path the company took to develop this solution, involved a licensing agreement which occurred in 2023 and also involved a collaboration with Aramco. This company is one of the world’s leading integrated energy and chemicals companies.
Along with this development, AspenTech has also recently announced that the company will be launching an expanded co-innovation program, that will work towards bringing together leading owner operators and EPC companies. This will be carried out with the intention of these parties collaborating to innovate a wider strategic planning solution portfolio, which will have the overall aim of optimising across multiple sustainable pathways.
General Manager, Sustainability Solutions at Aspen Technology, Dr. Vikas Dhole, commented, “Carbon capture is but one sustainability pathway. Through the expanded co-innovation program, we will continue to broaden our solutions into other pathways to help the asset intensive industries to simultaneously address sustainability and operational performance objectives, given the significant investment that is projected in this area.”
Chief Product and Sustainability Officer at Aspen Technology, Rasha Hasaneen, mentioned, “Asset intensive industries play a critical role in the path to global net-zero, and carbon capture is an important pathway for our customers and requires significant capital investment. This is the focus of our new strategic planning solution – ensuring CAPEX and OPEX investments to be optimised across the entire carbon capture value chain.”
