Carbon Catalyst Limited (CCL) announced the start of the Poseidon carbon diozide (CO2) injection test, which commenced on 10th February. This pioneering operation, the first of its kind in the United Kingdom (UK) waters, is a significant step forward in the UK’s and the wider region’s drive to cut carbon emissions. CCL expressed its gratitude to Perenco UK, the operator of the Poseidon Joint Venture (PJV), for its contribution to achieving this significant milestone.

Positive Contribution to Decarbonization Initiatives

Nick Terrell, Executive Director at Carbon Catalyst, said, “CCL is delighted to announce the start of CO2 injection at Poseidon. This project has the potential to play a very significant role in decarbonising both the UK and Continental European economies.”

He added, “As such, reaching this milestone is an extremely positive step in derisking the project and advancing it towards commercial viability.”

Also read: UK Prepares for First Carbon Dioxide Injection Test at Leman Gas Fields

Using Advanced Technology for CO2 Injection

The Poseidon injection test utilizes Petrodec’s Erda rig, a specialized piece of equipment designed for CO2 injection. The rig will inject CO2 into the H compartment of the Leman-depleted gas field in the UK Southern North Sea. Moreover, this operation comes on the heels of the successful recompletion of the H27 well in August 2024.

After a successful injection test, the Poseidon Joint Venture will proceed to a Final Investment Decision (FID) in 2027, with the first commercial CO2 injection into permanent storage planned for 2029. The project will start by injecting 1.5 million tonnes of CO2 each year,later ramping up to 40 million tons a year. Additionally, with a capacity of 1 billion tons, Poseidon will be amongst Northwest Europe’s biggest CCS projects.

BNP Paribas has signed a deal with the European Investment Bank (EIB) to release funding for wind power projects across the European Union. This partnership will stimulate up to €8 billion in wind power investments, focusing on new wind farms, supply chains, and grid interconnectivity.

€500 Million to Boost Wind Energy Investments

Under the terms of the agreement, the EIB will provide a €500 million counter-guarantee to BNP Paribas. BNP Paribas will create a €1 billion portfolio of guarantees to fund new wind farm projects across the EU. The counter-guarantee will generate a leverage effect, ultimately boosting investments in real economy terms to as much as €8 billion.

This partnership is part of the EIB’s €5 billion initiative, aligning with the European Commission’s Wind Power Package from 2023. The initiative aims to accelerate wind energy deployment and bolster the competitiveness of Europe’s wind industry.

Also read: EBRD Lends €25 Million to BNP Paribas Finansal Kiralama for Green Investments in Türkiye

Supporting Europe’s Renewable Energy Goals

The collaboration between EIB and BNP Paribas will support the EU to achieve its green ambition in terms of renewable energy targets. The EU will have 45% of its energy derive from renewables, for example, 32 GW of wind capacity by 2030. The program is a huge leap in building Europe’s energy autonomy and spearheading the green transition.

Ambroise Fayolle, Vice-President of the EIB, said, “Guarantees, like the ones EIB provides through this new financial instrument, contribute to enable the funding of essential projects that drive the green transition, support the decarbonization of the European economy, and strengthen industrial competitiveness.”

A Commitment to Sustainability and Green Transition

This partnership is a testament to BNP Paribas’ long-standing commitment to supporting the low-carbon energy shift globally. At least 90% of its energy production financing by 2030 will be aimed at sustainable energy projects, the bank said. This partnership also finances strategic projects decarbonizing the economy and increasing industrial competitiveness, powering Europe’s energy transition.