SCOR, the French-based global reinsurance group, has reaffirmed its commitment to supporting both energy development and the transition to lower-carbon solutions through its underwriting and investment activities.
The company says its approach is guided by Environmental, Social and Governance (ESG) principles and is reflected in its support for projects designed to reduce industrial emissions.
As a participant in the United Nations Global Compact and a founding signatory of the Principles for Sustainable Insurance, SCOR has continued to support emerging low-carbon technologies. One of the latest examples is the Carbon TerraVault (CTV) carbon storage facility in Elk Hills, California, which is operated by California Resources Corporation (CRC), an energy and carbon management company.
According to SCOR, Carbon TerraVault is being developed to help reduce emissions from sectors where decarbonisation remains particularly challenging. The project is designed to permanently store carbon dioxide (CO₂) captured from industrial sources in underground geological formations.
SCOR says its involvement follows support for the Tallgrass carbon capture and storage facility in Wyoming, announced in November 2025, and forms part of its wider focus on technologies intended to support long-term emissions reduction.
The company describes carbon capture and storage (CCS) as a process that captures CO₂ emissions generated by industrial activities before they enter the atmosphere. The captured carbon dioxide is then compressed and transported to a suitable storage location, where it is injected deep underground into rock formations for permanent containment and ongoing monitoring.
SCOR notes that CCS has been used for decades, with the first large-scale underground CO₂ injection project beginning in 1972. Since then, SCOR says the technology has gained widespread recognition among scientists, engineers and geologists as a viable method of storing carbon dioxide safely over the long term.
As governments and industries seek ways to lower emissions, the company believes CCS is likely to play an increasingly important role in global decarbonisation efforts.
SCOR explains that California Resources Corporation operates exclusively within California, where it produces and markets crude oil, natural gas and natural gas liquids while also developing carbon management projects. Through Carbon TerraVault, CRC aims to make use of existing infrastructure, support employment opportunities and contribute towards the state’s carbon neutrality ambitions.
The company highlights that the first phase of the project, CTV I, began injecting CO₂ into the depleted 26R oil and natural gas reservoir in May 2026. SCOR says the development represents a significant milestone for California, becoming the state’s first US Environmental Protection Agency Class VI carbon storage injection project.
The company adds that CTV I is expected to store up to 1.6 million metric tonnes of CO₂ each year, which is comparable to the annual emissions produced by almost 400,000 passenger vehicles and the energy consumption of more than 200,000 American households.
SCOR says its support for Carbon TerraVault aligns with a broader strategy focused on enabling a more resilient and sustainable energy sector. Through its New Energy Practice, established in 2023, the company provides insurance solutions for a range of low-carbon technologies, including wind energy, solar energy, biofuels and carbon capture projects.
Looking forward, SCOR says it intends to continue supporting initiatives that contribute to the energy transition. By offering insurance cover across the lifecycle of energy projects and drawing on its international experience, the company aims to help clients manage risk while advancing the deployment of lower-carbon technologies.
