France-based global reinsurer SCOR reiterates its commitment to supporting energy development and the transition to low-carbon solutions through its underwriting and investment activities.
The company said its approach is guided by environmental, social and governance (ESG) principles and is reflected in its support of projects aimed at reducing industrial emissions.
As a participant in the United Nations Global Compact and a founding signatory of the Sustainable Insurance Principles, SCOR continues to support emerging low-carbon technologies. One of the latest examples is the Carbon TerraVault (CTV) carbon storage facility in Elk Mountain, California, which is operated by energy and carbon management company California Resources Corporation (CRC).
According to SCOR, Carbon TerraVault was developed to help reduce emissions in an industry where decarbonization remains particularly difficult. The project aims to permanently store carbon dioxide (CO2) captured from industrial sources in underground geological formations.
SCOR said its involvement follows the November 2025 announcement of support for the Tallgrass Carbon Capture and Storage Facility in Wyoming and is part of its broader focus on technologies designed to support long-term emissions reductions.
The company describes carbon capture and storage (CCS) as a process that captures carbon dioxide emissions from industrial activities before they enter the atmosphere. The captured carbon dioxide is then compressed and transported to a suitable storage site, where it is injected into rock formations deep underground for permanent containment and ongoing monitoring.
SCOR notes that CCS has been used for decades, with the first large-scale underground carbon dioxide injection project beginning in 1972. Since then, the technology has gained widespread acceptance among scientists, engineers and geologists as a viable method for safely storing carbon dioxide over the long term, SCOR said.
As governments and industry look for ways to lower emissions, the company believes CCS could play an increasingly important role in global decarbonization efforts.
SCOR explained that California Resources operates exclusively within California, producing and selling crude oil, natural gas and natural gas liquids, while also developing carbon management projects. Through Carbon TerraVault, CRC aims to leverage existing infrastructure, support job opportunities and contribute to the state’s carbon neutrality goals.
The company highlighted that the first phase of the project, CTV I, will begin injecting carbon dioxide into the depleted 26R oil and gas reservoir in May 2026. SCOR said the development marks a major milestone for California, becoming the state’s first U.S. Environmental Protection Agency Class VI carbon storage injection project.
The company added that CTV I is expected to store up to 1.6 million tons of carbon dioxide per year, equivalent to the annual emissions produced by nearly 400,000 passenger cars and the energy consumption of more than 200,000 U.S. homes.
SCOR said its support for Carbon TerraVault is in line with its wider strategy to create a more resilient and sustainable energy sector. Through its new energy business, established in 2023, the company provides insurance solutions for a range of low-carbon technologies, including wind, solar, biofuels and carbon capture projects.
Looking ahead, SCOR said it intends to continue supporting initiatives that contribute to the energy transition. By providing insurance throughout the lifecycle of energy projects and drawing on its international experience, the company aims to help clients manage risk while advancing the deployment of low-carbon technologies.
