The European Commission has proposed a €102m award to a Netherlands-based carbon capture and storage project, as part of a necessary measure to keep global warming below 2 degrees celsius.
If endorsed by the European Parliament, Project Porthos will benefit from the new capital that will help to push forward its goals and contribute to the Netherland’s achievement of its climate targets.
For a term of fifteen years, Porthos will store 2.5-Mt of carbon dioxide per year – supplied by the Rotterdam locations of Aire Liquide, Air Products, ExxonMobil and Shell – in the North Sea seabed.
The public funding will come from the budget of the Connecting Europe Facility. Porthos is eligible for the grant as it involves a partnership between Rotterdam, Antwerp and North Sea Port in the field of CCS.
Part of the EU contribution will be used to construct a future-proof CO2 pipeline across the port area. The capacity of the pipeline will be such that other companies can make use of the facility.
Project Porthos is a joint venture of EBN, Gausine and the Port of Rotterdam Authority. Companies will be charged a fee for having their carbon emissions transported and stored by the Porthos network.