Denmark inaugurates world’s first cross-border CO2 storage site

Denmark has inaugurated the world’s first cross-border CO2 storage site called Project Greensand. Project Greensand is the first venture to achieve cross-border carbon capture and storage (CCS), by shipping CO2 from Belgium and injecting it into a depleted oil field under the Danish North Sea.

The opening marks an important moment for the EU’s green transition and industrial competitiveness, according to European Commission President Ursula von der Leyen, during the inauguration.

The project aims to safely and permanently store up to eight million tonnes of CO2 every year by 2030, the equivalent of 40% of Denmark’s emission reduction target and over 10% of the country’s annual emissions.

The project marks a breakthrough in carbon capture, taking CO2 from one country and injecting it into another, said Brian Gilvary from INEOS energy, one of 23 organisations that run Project Greensand alongside other businesses, academia, governments and start-ups.

According to Gilvary, the energy transition will require carbon capture and storage “as a bedrock” to reach the world’s climate goals. “It is impossible for industry or for the planet to get [to net zero by 2050] without carbon capture. So it’s absolutely part and parcel of what we do going forward,” he said.

The  capture,  transport  and  storage  of  CO2  in  the  underground  (CCS)  may  in  the  coming  years  develop  into  a  three-digit  billion  dollar  business  in  Europe, according to the Project Greensand website.  

Based  on  the  already  known  projects  in  Denmark,  it  is  likely  that  Denmark  will  secure  5%  of  the  market. If  Denmark  manages  to  get  a  market  share  of  10%,  the  economic  value  of  the  CCS  industry  in  Denmark  could  amount  to  up  to  DKK100  billion  (USD14.2 billion) and  provide  17,000  jobs, according to  an  analysis  from  Kraka  Advisory,  which  for  the  first  time  ever  mapped  and  analyzed  the  CCS  market  in  Europe.