The Netherlands Moves Forward with Large-scale CCS Project following Final Investment Decision
19th October 2023
Porthos, a joint venture between the Port of Rotterdam Authority, Gasunie and EBN, has announced its final investment decision (FID) for the development of the first large-scale CO2 transport and storage system in the Netherlands.
With construction set to commence in 2024, Porthos is expected to be operational by 2026 and will see €1.3 billion allocated towards the project. This investment decision represents an important step towards CO2 storage development in the country.
Porthos will be crucial to support the decarbonisation of the Rotterdam port area and, once complete, it aims to store 2.5 million tonnes of CO2 per year for 15 years, contributing to the Netherland's ambition to reach climate neutrality by 2050.
Further to Porthos, the Netherlands is also seeking to establish cross-border efforts as it relates to CCS developments. Earlier this week, the Netherlands and Denmark signed an agreement aimed at facilitating transport and permanent geological storage of CO2 between the two countries, further contributing to the EU’s objective to reach climate neutrality by 2050.