Today, 2 July, the European Commission approved a €3 billion State aid scheme for Sweden to support the deployment of biogenic CCS projects.

The State aid scheme will mobilise financial support for the rollout of CCS technologies and increase confidence among industries to invest in the CCS value chain.

The funds will be allocated through a competitive bidding process, and auctions will be open to companies who emit biogenic CO2 and have the capacity to store at least 50.000 tonnes of biogenic CO2 per year.

Chris Davies, director of Carbon Capture & Storage Europe (CCS Europe), said: “Sweden now becomes the third country within the EU to provide specific financial support for carbon capture investment, following in the tracks of Denmark and the Netherlands. This is an exciting project intended not simply to curb emissions but to reduce the concentration of CO2 already in the atmosphere. It’s a powerful demonstration of the essential role that carbon capture technology can play in curbing climate change and helping Europe achieve its net-zero ambition.”