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👏 hashtag#Denmark is at it again 👏
🏅 Another week, another fund coming from Denmark. This small but mighty Scandinavian country is one of the countries leading globally in the development of carbon infrastructure.
👉 Here is what you need to know about the CCS Fund and what it means for CDR:
🚚 The fund's objective is to drive the capture, transport, and storage of CO₂ from fossil, biogenic, and atmospheric sources.
⬇️ The government estimates that this fund alone will be able to sequester 2.3Mt of CO2 / year from 2030 onwards, or around 5% of Denmark's total emissions.
😯 The total storage potential in the Danish subsoil is between 12-22 gigatonnes of CO2. This is between 400-700 times greater than Denmark's total annual CO2 emissions at their current levels.
💰 The subsidy will be paid per tonne of CO₂ stored with suppliers bidding a fixed amount of CO₂ per year and a price per tonne they will capture and store.
📅 Applications are open from now until March 2025 and projects are expected to reach full operational scale in 2030.
🤔 Wait, isn’t this just for industrial carbon capture and storage (hashtag#CCS)? Nope. The fund will also allow hashtag#BioCCS and hashtag#BECCS. A previous, similar fund supported the installation of a CCS module onto Ørsted’s bioenergy plant, resulting in an estimated 430Kt of CDR per year from 2026 onwards.
My 🪙🪙: Denmark has a significant existing bioenergy infrastructure. While retrofitting this with CCS is very costly, it will be very effective in removing a megatonne volume of CDR. This is a game-changer.
🖇 Here full details / tender specifications: https://lnkd.in/dkA3b5hA
💼 I also want to take a moment to praise Denmark for passing world-leading policy and funding mechanisms that truly takes a portfolio approach – from soils, to forests, to biochar carbon removal (hashtag#BCR), to BioCCS, to BECCS – to remove carbon from the atmosphere.
👀 Now let’s hope that other countries are watching and follow suit.
✉️ If you enjoyed this post, make sure to follow me here on LinkedIn (and turn on the 🔔) and do sign up to my monthly newsletter, the Gigaten: https://lnkd.in/d2BKe7gr
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