2021-05-12 12:30:00
DUTCH CARBON STORAGE $2.4 BLN
REUTERS - May 10 - The Dutch government has granted a consortium that includes oil majors Royal Dutch Shell (RDSa.L) and ExxonMobil (XOM.N) around 2 billion euros ($2.4 billion) in subsidies for what is set to become one of the largest carbon capture and storage (CCS) projects in the world, the Port of Rotterdam said on Sunday.
Shell and Exxon requested the subsidies in January together with industrial gas suppliers Air Liquide and Air Products (APD.N) for a project which aims to capture CO2 emitted by factories and refineries in the Rotterdam port area and store it in empty Dutch gas fields in the North Sea.
The companies involved have been told that their applications will be granted, port spokesman Sjaak Poppe told Reuters, confirming an earlier report by Dutch public broadcaster NOS.
This clears the most important hurdle for the project, which is set to become operational in 2024 and is expected to reduce emissions in the industrial cluster surrounding Europe's largest sea port by around 10%.
Economy ministry spokesman Dion Huidekooper declined to comment on the reports on Sunday evening.
Details of the subsidies would be made public after decisions had been taken on all applications for this year, he said, which was expected to happen later this month.
The government has said it will grant a total of 5 billion euros in subsidies in 2021 for technologies that will help it achieve its climate goals.
It received applications for a total sum of 6.4 billion euros.
The CCS subsidies are meant to compensate the companies for the extra costs of capturing the greenhouse gasses instead of emitting them, while the port will provide the necessary infrastructure to transport the carbon dioxide to the empty offshore gas fields.
Home to many large industries and Europe's main seaport, the Netherlands is among the countries with the highest emissions of greenhouse gasses per capita in Europe.
It aims to lower emissions by 55% relative to 1990 levels by 2030. Emissions were down 24.5% from 1990 levels last year.
-----
Earlier:
2021, May, 5, 16:40:00
EUROPE HYDROGEN DEVELOPMENT
The EU has made green and digital the two pillars of its recovery plan, aiming to strengthen its leadership in the global fight against climate change, boost innovation and reduce dependence on imports of critical materials.
2021, April, 23, 11:30:00
EUROPEAN CLIMATE LAW
which enshrines the EU's commitment to reaching climate neutrality by 2050 and the intermediate target of reducing net greenhouse gas (GHG) emissions by at least 55% by 2030,
2021, April, 14, 12:05:00
EUROPE NEED €150 BLN PER YEAR
The financing for the EU economic plan, agreed at 750 billion euros in 2018 prices, but totalling around 800 billion euros at current prices,
2021, April, 14, 12:00:00
EUROPEAN WIND INVESTMENT $51 BLN
The investments financed 19.6 GW of capacity that will be constructed in the coming years. Around 13 GW of this will be in the EU.
2021, February, 25, 12:10:00
EUROPE'S CLIMATE STRATEGY
Economic losses from more frequent climate-related extreme weather are increasing. In the EU, these losses alone already average over €12 billion per year.
2021, February, 25, 11:40:00
EUROPE'S CLEAN ENERGY PARTNERSHIP EUR 10 BLN
The EU will provide nearly Eur10 billion of funding that the partners will match with at least an equivalent amount of investment, the EC said in a statement.
2021, February, 17, 15:35:00
EUROPEAN ENERGY & CLIMATE
Signed in 1994 to protect cross-border investment in the energy sector, the Energy Charter Treaty has faced growing criticism from environmental groups and governments that say it impedes countries’ efforts to phase out fossil fuels.
