The European Commission has proposed a €102m award to a Netherlands-based carbon capture and storage project, as part of a necessary measure to keep global warming below 2 degrees celsius.
If endorsed by the European Parliament, Project Porthos will benefit from the new capital that will help to push forward its goals and contribute to the Netherland’s achievement of its climate targets.
For a term of fifteen years, Porthos will store 2.5-Mt of carbon dioxide per year – supplied by the Rotterdam locations of Aire Liquide, Air Products, ExxonMobil and Shell – in the North Sea seabed.
The public funding will come from the budget of the Connecting Europe Facility. Porthos is eligible for the grant as it involves a partnership between Rotterdam, Antwerp and North Sea Port in the field of CCS.
... to continue reading you must be subscribed
