The European Commission has signed grant agreements summing up to €1.1 billion with seven large-scale low-carbon technology projects, including a BECCS development. The grants are funded by revenues from the EU’s Emissions Trading System and distributed through the EU Innovation Fund.
The goal of the projects is 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.
A particular project in Stockholm, Sweden, aims to create a full BECCS facility at the current heat and power biomass plant in Stockholm. The project will avoid 7.3 Mt of CO2e emissions during its first 10 years of operation by combining carbon capture with heat recovery. This is more than the entire amount of GHG emissions from the 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.”
Meanwhile in Spain, another project, Ecoplanta, will deliver a first-of-a-kind commercial plant for the European market using waste that would be destined to end up in landfills. The plant aims to 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 avoiding fossil-based hydrogen, and moving towards renewable hydrogen production by 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.