The European Commission has approved a €3bn (SEK 3bn) Swedish scheme to support carbon capture and storage (CCS) aimed at reducing carbon dioxide (CO2) released by biomass (biogenic CO2).
Aid will be awarded through a bidding process, with the first auction expected this year. Auctions will be open to companies that carry out an activity in Sweden, and implementing projects with a capacity to capture and store at least 50,000 tonnes of biogenic CO2 per year.
Under 15-year contracts, beneficiaries will receive a grant per tonne of biogenic CO2 that is permanently stored.
Margrethe Vestager, Executive Vice-President in charge of competition policy, said the scheme will enable Sweden to capture and to permanently store a significant amount of CO2 generated by biomass combustion or processing.
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