Continuing to Support the Energy Transition through Carbon Capture and Sequestration/Storage

SCOR is strongly committed to advancing energy growth and transition, integrating Environmental, Social, and Governance (ESG) principles into its underwriting and investment activities. As a longstanding participant of the United Nations Global Compact and a founding signatory of the Principles for Sustainable Insurance, SCOR actively backs innovative low carbon projects, such as the new Carbon TerraVault (CTV) sequestration facility in Elk Hills California. Operated by the energy and carbon management company California Resources, this facility is developing projects designed to help decarbonize hard-to-abate sectors by permanently storing CO₂ from industrial sources deep underground. 

Like the Tallgrass carbon capture and sequestration/storage facility in Wyoming, which SCOR began supporting in November 2025, Carbon TerraVault reflects our broader strategy to support emerging clean energy technologies and help drive a more sustainable future. 

CO₂ + Carbon Capture and Sequestration or Storage (CCS)

Carbon capture and sequestration or storage, known as CCS, is the capture of CO₂ emissions from industrial processes – such as the burning of fossil fuels in power generation – in order to permanently isolate and store the CO₂ deep underground and thus avoid its release into the atmosphere. As the diagram below shows, CCS involves three major steps:

1. Capturing CO₂ at the source
2. Compressing and transporting
3. Injecting it deep into a rock formation where it is safely and permanently stored and monitored.
    

Since the first large-scale project to inject CO₂ into underground formations was launched in 1972, there has been broad consensus among experts, engineers, and geologists that CO₂ can be stored safely and permanently on a large scale, and CCS is now widely recognized as a key decarbonization tool. Given the variety of industries that can be re-tooled for CO₂ capture, CCS is set to expand significantly over the next few years.

California Resources & Carbon TerraVault

California Resources Corporation (CRC) is an independent energy and carbon management company that explores, produces, and markets crude oil, natural gas, and natural gas liquids exclusively within California. Through CCS, its Carbon TerraVault projects will repurpose infrastructure, help create high-quality jobs in local communities, and advance California’s carbon neutrality goals.

The first project, CTV I, began injecting CO₂ at the depleted oil and natural gas reservoir 26R in May 2026, marking both a historic milestone for California as the state’s first U.S. EPA Class VI carbon storage injection and a major step forward for in-state CCS development. CTV I is expected to store up to 1.6 million metric tons (MT) of CO₂ annually – equivalent to the annual emissions of nearly 400,000 passenger vehicles – offsetting the energy use of more than 200,000 American households.

SCOR's Broader Commitment to Renewable Energy

Our support for this project is part of SCOR's broader strategy to foster a sustainable and resilient future. Through our New Energy Practice, launched in 2023, we support the ongoing energy growth and transition needs of our clients, offering comprehensive insurance solutions for a wide range of low-carbon technologies such as wind farms, solar farms, carbon capture, and biofuels.

Looking Ahead

As we continue to support projects like the Carbon TerraVault facility, SCOR remains committed to accelerating the energy transition. By providing end-to-end coverage and leveraging our global expertise, we ensure that our clients are protected at every stage of their energy transition journey. Together, we can build a more sustainable future.