Sweden has adopted a €3 billion (SEK 36 billion) scheme to support projects removing biogenic CO2 emissions through permanent CCS. The measure aims to enable CCS as a viable and effective tool to mitigate climate change.
The aid will be linked to 15-year long contracts and awarded through a competitive bidding process. The first auction is expected in 2024 and will be open to companies that (i) carry out an activity in Sweden, emitting biogenic CO2, and (ii) implement projects with a capacity to capture and store at least 50,000 tons of biogenic CO2 per year.
By enabling capture and storage of significant amounts of biogenic CO2, the scheme will contribute to Sweden's efforts to reduce its greenhouse gas emissions by 85% by 2045 compared to the 1990 level. It will also help Sweden and the EU to meet the objective of achieving climate neutrality by 2050. The aid has been approved on the basis of the Guidelines on State aid for climate, environmental protection and energy (‘CEEAG'), which allow Member States to support measures reducing or removing CO2 emissions.
For more information see PR