Project to capture CO2 volumes corresponding to more than the emissions of all of Stockholm’s road traffic in one year
This is EIB’s first carbon capture financing operation and part of climate strategy
Investment contributes to Sweden’s goal of net zero emissions by 2045
The European Investment Bank (EIB) has granted a loan of €260 million to Stockholm Exergi for the construction of Sweden’s first large-scale bioenergy plant with carbon capture and storage (BECCS).
Beccs Stockholm, which will begin construction at Värtaverket, is expected to be fully operational in 2028 and is projected to capture up to 800,000 tonnes of carbon dioxide per year. The captured carbon dioxide corresponds to more than the total emissions from Stockholm’s road traffic during a year. The technology is based on the separation, liquefaction and permanent storage of biogenic carbon dioxide from the combustion of biofuels – resulting in so-called negative emissions.
After capture, the carbon dioxide will be temporarily stored and then shipped to Norway where it will be permanently stored in the bedrock under the North Sea. This is done in collaboration with the Northern Lights project, a joint venture between Equinor, Shell and TotalEnergies.
This is the first CCS project to be financed by the EIB and an important contribution to achieving the world’s climate goals and establishing negative emissions as a new global industry. There is currently a consensus that global warming cannot be limited to 1.5 or below 2 degrees Celsius without negative emissions. The technology also contributes to improved air quality in urban environments and strengthens Europe’s leadership in the climate transition.