Aalborg Portland, a subsidiary of Cementir Holding, has signed an agreement with the Danish Energy Agency to receive a carbon capture subsidy for its ACCSION carbon capture and storage (CCS) project in Denmark.
Under the agreement, Aalborg Portland will receive approximately EUR117/t ofCO2 captured, covering up to 1.25Mta of CO2 from 2030, when the CCS facility is expected to enter operation. The subsidy is worth up to EUR146m annually over 15 years, representing a maximum cumulative value of approximately EUR2.2bn, indexed to inflation.
The ACCSION project is expected to become one of Europe's largest onshore carbon capture facilities and forms a key part of Cementir's strategy to achieve carbon neutrality for Scope 1 emissions at its European cement plants. The project remains subject to the successful development of the associated transport and storage infrastructure.
When commissioned, ACCSION is expected to account for almost half of Denmark's target of capturing 2.3Mta of CO2 annually under the country's carbon capture programme.
