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European Commission Approves €3 Billion Swedish Scheme to Support the Reduction of Biogenic CO2 Emissions via CCS

5th July 2024

On 2 July, the European Commission approved a €3 billion (SEK 36 billion) Swedish scheme under the EU State aid rules to support the capture, transport and storage of biogenic CO2 (generated by biomass combustion or processing), and contribute to Sweden's efforts to reduce its emissions and achieve its climate objectives. 

Running until 31 December 2028, the Swedish scheme will be rolled-out via 15-year contracts under a competitive bidding process, and the first auction is expected to open in 2024. 

Aid will be awarded to companies emitting biogenic CO2 in Sweden and implementing projects with a potential capacity to capture and store 50,0000 tonnes of biogenic CO2 per year. 

This announcement is in line with Sweden’s intention to leverage CCS for generating carbon removals and set a crucial incentive to move the deployment of the technology in the country further. 

Read more here 

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