Denmark commits to carbon capture with plans to allocate $3.9B


Denmark – Denmark has unfurled an audacious plan, earmarking a staggering 26.8 billion Danish crowns ($3.9 billion) over 15 years for an ambitious endeavor – capturing and storing 2.3 million metric tons of carbon dioxide emissions annually.

This resolute move is propelled by Denmark’s ardent commitment to achieving net zero carbon emissions by 2045. At the heart of this strategy lies carbon capture and storage (CCS) technology. By 2030, the nation aspires to curtail a significant 3.2 million tons of CO2 emissions through the deployment of CCS solutions.

The injection of 26.8 billion Danish crowns into CCS projects aims to crystallize tangible results. The investment amplifies the certainty that CCS technology holds the power to effectively contribute to the reduction of CO2 emissions, aligning with stringent targets. The projects, a constellation of solutions aimed at capturing and storing carbon emissions, are slated to be operational by 2029.

Past success, future visions

Denmark’s recent award of 8 billion crowns to energy group Orsted to capture and store 0.4 million tons of CO2 per year is a testament to its proactive stance. Building on this momentum, Denmark is poised to allocate 10.5 billion crowns for a forthcoming tender, followed by 16.3 billion crowns for another in 2025.

Denmark’s visionary outlook extends beyond its borders. It awarded licenses for full-scale CO2 storage exploration in the Danish North Sea, underscoring its commitment to cross-border collaboration. Projects such as the Greensand endeavor led by INEOS and Wintershall, and TotalEnergies’ Bifrost project, exemplify Denmark’s pioneering spirit in pushing the boundaries of CCS technology and its potential impact on the global emissions landscape.