The European Commission has announced funding for 77 decarbonization initiatives, with Repsol ‘s proposed CO2 storage project off the coast of Tarragona among the selected projects.
The company aims to develop an underwater storage facility in a natural cavity situated 31 miles from Amposta. To support this effort, the EU Innovation Fund is offering Repsol €205 million (~$223.5 million), contingent upon the company’s decision to proceed with the facility.
However, before moving forward, Repsol must secure a research permit from the Spanish government, which the company has already requested. Additionally, the results of the research, which may take up to four years to complete, must demonstrate both environmental safety and a favorable return on investment for Repsol.
As part of its commitment to combating climate change, the European Union has set a target of reducing greenhouse gas emissions by 50% by 2030. With increasing financial penalties tied to pollution, industries like chemicals and cement, which have inherently high CO2 emissions, are finding it challenging to meet these targets.
In response to this challenge, the European Commission has allocated €4.8 billion (~$5.2 billion) in funding to support carbon capture, utilization, and storage (CCUS) technologies.
These technologies aim to capture CO2 directly from emission sources, transport it via underwater pipelines, and store it in deep underground cavities.
The Repsol project specifically targets a natural storage site located 28 miles offshore, at a depth exceeding 3,280 feet.
This site has the capacity to store up to 54 million tons of CO2, and Repsol plans to inject 2 million tons of CO2 into the facility, contributing to a 30% reduction in emissions from nearby chemical and cement production facilities, as noted in the project description published by the European Commission.
“We are very pleased and proud to receive this European support for the TarraCO2 project,” stated Javier Sancho, director of Repsol’s industrial complex in Tarragona. “Without technologies such as CO2 capture and storage, key sectors such as petrochemicals, steel production, and cement are at risk of relocation.”
source: carbon herald
Comments