BECCS project included in €1.1bn EU grants
Allocated via the EU Innovation Fund, the grants are funded by revenues from the EU’s Emissions Trading System.
The projects aim to reduce emissions by over 76 Mt of CO2 equivalent (CO2e) during the first 10 years of operation and cover key sectors such as biofuels, hydrogen, steel, chemicals, cement, solar energy, and carbon capture and storage.
One project in Stockholm, Sweden, aims to create a full BECCS facility at the existing heat and power biomass plant in Stockholm. Combining carbon capture with heat recovery, the project will avoid 7.3 Mt of CO2e emissions during its first 10 years of operation. This is more than the entire amount of greenhouse gas emissions from public sector electricity and heat production in Sweden in 2018.
“With the Innovation Fund, the European Commission is granting €1.1 billion to empower innovative, forward-thinking businesses that develop cutting-edge technologies and drive the climate transition in their respective fields,” said Frans Timmermans, executive vice-president for the European Green Deal.
“This is a smart investment into the decarbonisation and resilience of our economy; it boosts European industry’s position as global leaders in cleantech, creates local jobs, and helps to accelerate our green transition.”
Another project, Ecoplanta, in Spain will deliver a first-of-a-kind commercial plant for the European market using waste that would otherwise end up in landfills. The plant will produce 237 kilotons per year of methanol and recover 70% of the carbon present in non-recyclable materials. This project will avoid the emissions of 3.4 Mt of CO2e over its first 10 years of operation.
In Finland’s Porvoo refinery, the Sustainable Hydrogen and Recovery of Carbon project will reduce GHG emissions by moving away from fossil-based hydrogen towards renewable hydrogen production (through the introduction of electrolysis) and hydrogen production by applying carbon capture technology. In its first 10 years, the project will avoid more than 4 Mt of CO2e emissions.