The Danish Energy Agency has announced that it will award 197 million DKK (€26 million) to the INEOS-led consortium backing Project Greensand for CCS (carbon capture storage). The carbon storage project will support Denmark’s ambitions to reach a 70% CO2 reduction by 2030.
“We are very pleased and thankful for the trust that has been shown to the entire consortium behind Project Greensand. Carbon capture storage is one of the steps needed to reach the ambitious climate goals in Denmark, and we as a consortium are very proud to be allowed to contribute to that through this project,” said David Bucknall, CEO INEOS Energy.
The award is based on a political decision by the Danish Government and a broad majority of political parties in December 2020 to allocate a total of DKK 197 million earmarked for the development and demonstration of CO2 storage in the North Sea, said an official statement.
“The entire consortium has been waiting in the starting block and we are ready to start working on the project so we can help reach the ambitious climate ambitions as soon as possible,” said Mads Gade, Head of INEOS Energy, Denmark.
“This is a huge achievement and a big step towards the net zero ambition for INEOS”, said David Bucknall, CEO of INEOS Energy.
The storage potential in Project Greensand is ½-1 million ton of CO2 per year from 2025, increasing to 4-8 million tons of CO2 per year by 2030. The Greensand Area could account for all of the CO2 storage proposed in the Danish Climate Program.