Keywords: process design, reforming process, risk management, financial risk, environmental risk, design under uncertainty, emissions probability, pollution prevention, environmental pollution, CO2 emissions, carbon dioxide, benzene emissions
Simultaneous treatment of environmental and financial risk in process design
In this paper, we propose a new measure for environmental risk and discuss a way of considering it simultaneously with financial risk. Instead of using single numbers to define environmental risk, we propose to use the cumulative probability of emissions, similarly to the cumulative distributions of profit used for financial risk. We also propose to use a risk surface as a generalisation of the known one-dimensional risk representation through cumulative probabilities and we show how different risks can be handled with this scheme. As an example, we use a catalytic reforming unit where CO2 and benzene emissions are of concern.