The European Commission approved on Tuesday Sweden's plan to capture and store carbon worth €3 billion. The scheme is part of Sweden's efforts to reach its climate neutrality goal by 2050, Ednews reports.
The Swedish government intends to employ a competitive bidding process for the project, offering a grant per tonne of biogenic CO2 that is permanently stored. The program is expected to run until the end of 2028, with companies signing on to 15-year contracts. "By enabling capture and storage of significant amounts of biogenic CO2, the scheme will contribute to Sweden's efforts to reduce its greenhouse gas emissions by 85% by 2045 compared to the 1990 level," the Commission said.
