Cement plants, refineries and power producers are seeking to reduce the costs of emitting greenhouse gases.
The first agreements in principle for the storage of carbon dioxide in the planned underground storage in a depleted Prinos deposit (managed by Energean) have already been signed, according to market sources, with companies from the cement industry and refineries sectors, while intense interest also from the energy production sector.
As the technology for carbon capture and storage matures and the projects and financing in this field multiply internationally, Greek companies that, due to the nature of their production process emit significant amounts of carbon dioxide, in addition to investments to reduce emissions are turning and to the storage solution in order to limit the costs involved in the emission of greenhouse gases.
The underground storage in a depleted deposit in the area of Prinos (different from the one planned to be converted into a natural gas / hydrogen storage) is the first licensed CO2 storage project in our country, which has been included for financing in the Recovery Fund.
At the same time, Energean has submitted applications for inclusion of the project in the list of projects of European interest (PCI, with the support of DESFA) as well as in the European Innovation Fund, to which three other Greek proposals for CO2 collection have been submitted. Regarding storage beyond Prinos, there is geological interest in the areas of Grevena, Western Thessaloniki and Volos.
According to the remarks made last week at an event of the Hellenic Hydrocarbons and Energy Resources Management Company (HEM) the savings for businesses with the full development of the Prinos warehouse (which has a capacity of 60 million tons) and at current prices of carbon dioxide emission rights (around 100 euros per ton) can reach a total of 6 billion euros. In addition, according to Energean, the investment for the full development of the warehouse is estimated at 1 billion euros .
As the managing director of HEREMA (Hellenic Hydrocarbons and Energy Resources Management Company), Aristophanes Stefatos emphasized at an event for the presentation of the "White Paper" on carbon collection and storage, the development of the sector will contribute to the achievement of climate goals, the creation of new jobs, the attraction of European funds and the protection of the competitiveness of the Greek industry.
According to the data of the European Commission, greenhouse gas emissions in our country were 72 million tons of carbon dioxide equivalent in 2021 (compared to 133.5 million which was the historical high in 2007), but so far there is no obligation to buy emission allowances for all emissions. Energy production with 25.9 million tonnes is by far the largest source of CO2 followed by transport (16.7 million) and industry (14.8 million).
Carbon capture and storage is gaining the interest of governments and businesses internationally. According to EDEYEP, projects developed internationally increased in 2022 by 44% compared to 2021, while significant progress is recorded in the Netherlands, Denmark, Great Britain, Norway (where the world's first CO2 storage has been operating since 1996) but also the USA where state support of 12 billion dollars has been decided in the sector.
Source: amna.gr