Denmark has made a major move in carbon capture and storage (CCS) with its first full-scale CO2 storage facility. INEOS, alongside Harbour Energy and Nordsøfonden, has received a Final Investment Decision (FID) for the Greensand CCS project. This decision marks a pivotal moment in Europe’s fight against climate change.
Greensand CCS Project
The Greensand project is set to become the European Union’s first operational CO2 storage facility, marking a significant milestone. The project aims to capture and permanently store CO2 emissions in the Danish North Sea, reducing the region’s carbon footprint. The planned storage operations are scheduled to begin by the end of 2025 or early 2026, with initial capacity set at 400,000 metric tons of CO2 per year.
INEOS plans to invest more than $150 million in the full-scale Greensand project, which covers the entire CCS value chain. This includes CO2 emission capture, logistics, storage, and shipping. With commercial agreements in place, the project is well-supported with the necessary funding to meet its goals.
Expanding the CO2 Storage Capacity
The Greensand CCS project is designed to be scalable, enabling gradual expansion to accommodate increasing CO2 volumes over the years. The facility will initially store 400,000 tons of CO2 annually, with the potential to expand up to 8 million tons per year by 2030. This flexibility is key to meeting both national and EU climate targets.
The European Commission has set ambitious goals for CCS, with a target of 250 million tons of CO2 storage annually by 2040. CCS technology is essential to achieving these goals, and Greensand’s operational success could inspire similar projects across Europe and beyond.
A Sustainable Future for the Planet and Economy
Sir Jim Ratcliffe, Chairman of INEOS, emphasized the importance of CCS in tackling climate change while preserving jobs and industry. He argued that CCS provides a sustainable way to decarbonize without deindustrializing.
The Greensand project shows how industrial-scale CCS can support a nation’s climate strategy. It will help Denmark meet its 2045 net-zero target and contribute to the EU’s climate objectives. The first phase will begin in 2025, making Greensand a key player in reducing CO2 emissions.
