Porthos will become the first carbon capture and storage (CCS) project in the Netherlands, with construction expected to begin next year and becoming operational by 2026, the joint venture of three different entities announced Wednesday.
Porthos – or the Port of Rotterdam CO2 Transport Hub and Offshore Storage project – said it would invest the expected €1.3 billion ($1.37 billion) and begin awarding contracts for the project. The joint venture is a partnership between the city’s authority and natural gas company Gasunie and state-owned natural gas firm Energie Beheer Nederland.
The CCS project will capture carbon from industry in the Port of Rotterdam and store it in depleted natural gas fields around 20 kilometers off the coast in its jurisdiction of the North Sea, a body of water that other European countries and the United Kingdom are planning to exploit for storage space.
The project is expected to store 2.5 million metric tons/year of carbon dioxide, totaling around 37 million mt of carbon in 15 years.
The European Union has attempted to speed up the development of the CCS industry within the bloc. Earlier this year, the EU proposed a target to store 50 million mt/year of carbon dioxide by 2030 in order to meet its net zero emissions goals.
Hauns Meeuwseen, director of Porthos, said in a statement that CCS is crucial to achieving climate goals in the Netherlands and that this final investment decision would be a “starting point for future developments in CCS” in the country.
Previously, the EU awarded Porthos with a €102 million subsidy, deeming it a project of common interest to the bloc.
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–Reporting by Humberto J. Rocha, [email protected]; Editing by Rob Sheridan, [email protected]
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