Denmark allocates $2.5 billion for carbon capture project.

Aalborg Portland cement company will receive a grant of approximately $2.5 billion from the Danish government to implement its carbon capture and storage (CCS) project.

On June 9, cement producer Aalborg Portland signed an agreement with the Danish Energy Agency to receive a grant for its carbon capture and storage (CCS) project, which is expected to become operational in 2030.

Denmark is pursuing a goal of reducing greenhouse gas emissions by 70% compared to 1990 levels. In this strategy, CCS technology is seen as a key solution to reduce emissions in heavy industries that are difficult to decarbonize, including cement production.

Denmark will provide $2.5 billion for cement company Aalborg Portland's carbon capture project. Photo: Denish Energy Agency.

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Soren Holm Christensen, CEO of Aalborg Portland, said the project will be one of the largest industrial CO₂ capture facilities in Europe when completed.

The cement industry currently accounts for approximately 8% of total global industrial CO₂ emissions. These emissions come not only from the fuel used in kilns but also from the process of converting limestone into clinker – the main raw material in cement production.

Under the agreement, Aalborg Portland will receive approximately $133 for each ton of CO₂ captured, equivalent to $167 million per year for 15 years. This support covers all costs of capture, transportation, and storage, with a maximum capacity of 1.25 million tons of CO₂ per year.

The company estimates the project will contribute more than half of the national CCS subsidy fund's target, which aims to capture 2.3 million tons of CO₂ annually starting in 2029. In this project, Air Liquide will provide the carbon capture technology, while Harbour Energy will handle the transportation and underground storage of the CO₂.

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According to the International Energy Agency (IEA), CCS technology will play a crucial role in achieving global climate goals. However, this technology remains controversial, with some environmental experts questioning its economic efficiency and worrying that CCS could slow the transition away from fossil fuels.

Source: https://nongnghiepmoitruong.vn/dan-mach-cap-25-ty-usd-cho-du-an-thu-giu-carbon-d815969.html