EU Greenlights €3 Billion Swedish Carbon Capture Initiative

The European Commission has approved a €3 billion Swedish scheme to support carbon capture and storage, aiming for zero net emissions by 2045. Projects involving CO2 emissions from biomass plants will receive grants through competitive bidding. The initiative promises 15-year contracts for capturing at least 50,000 tonnes of biogenic CO2 annually.

The European Commission on Tuesday approved a 3 billion euro ($3.21 billion) Swedish scheme to support carbon capture and storage aimed at helping the country meet its goal of zero net emissions by 2045. The scheme will support projects that permanently capture and store CO2 emissions from biomass plants that use recycled wood, and other waste to produce fuel, electricity and heat.

The aid will be awarded through a competitive bidding process, with the first auction expected this year, the Commission said in a statement. Under 15-year long contracts, companies will receive grants for projects with the capacity to capture and store at least 50,000 tonnes of biogenic CO2 per year. ($1 = 0.9335 euros)