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.