A carbon capture and storage (CCS) project led by global chemical company INEOS is set to receive funding of DKK 197m (€26m) for carbon dioxide (CO2) storage in the North Sea as part of Project Greensand.
With a storage potential of up to 1m tonnes of CO2 per year from 2025, increasing to 4-8m tonnes by 2030, Greensand is regarded as one of Europe’s leading CO2 storage projects.
It also aims to support Denmark’s 2030 emission reduction targets in addition to helping INEOS achieve net zero goals.
Speaking about the project, David Bucknall, CEO, INEOS, said, “CCS is one of the steps needed to reach the ambitious climate goals in Denmark, and we as a consortium are very proud to be allowed to contribute to that through this project.”
The funding is based on a decision by the Danish Government and political parties made last December (2020).
“The entire consortium has been waiting in the starting block and we are ready to start working on the project so we can help reach the ambitious climate ambitions as soon as possible,” added Mads Gade, Head of INEOUS Energy, Denmark.