European Commission Approves €3 Billion Swedish Carbon Dioxide Capture and Storage Project

12th August 2024

The European Commission has approved a €3 billion (SEK 36 billion) Swedish State aid scheme to support carbon capture and storage (CCS) initiatives aimed at reducing carbon dioxide (CO₂) emissions from biomass combustion or processing. This measure aligns with Sweden's climate targets and the EU's strategic objectives under the European Green Deal, particularly the goal of climate neutrality by 2050.

The Swedish Initiative - Sweden has notified the Commission of its plans to introduce a €3 billion scheme to support projects that permanently remove biogenic CO₂ emissions through CCS. This initiative aims to establish CCS as a viable and effective tool for mitigating climate change, thereby boosting investor confidence, reducing future application costs, and facilitating the development of a CCS value chain within the EU.

The aid will be distributed through a competitive bidding process, with the first auction expected in 2024. These auctions will be open to companies operating in Sweden that emit biogenic CO₂ and can implement projects with the capacity to capture and store at least 50,000 tonnes of biogenic CO₂ annually.

Beneficiaries will receive grants per tonne of biogenic CO₂ permanently stored under 15-year contracts. The aid amount will be adjusted based on potential revenues from the projects, such as voluntary carbon removal certificates, and any other public support received for the same project.

The scheme will run until 31 December 2028. By enabling the capture and storage of significant amounts of biogenic CO₂, the initiative will support Sweden's efforts to reduce its greenhouse gas emissions by 85% by 2045 compared to 1990 levels. It will also aid Sweden and the EU in achieving climate neutrality by 2050.

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