Finland – Neste’s green hydrogen and CO2 capture and storage project, which aims to quickly and efficiently reduce greenhouse gas emissions at the Porvoo refinery in Finland, has received a positive grant decision of EUR 88 million funding from the EU Innovation Fund.
The project implements carbon capture and storage (CCS) and electrolysis solutions to enable decarbonization of refinery production. The feasibility phase of the project is currently underway.
The project will make a significant contribution to meeting both Finland’s and the EU’s climate targets, as well as Neste’s target of carbon neutral production by 2035. With this transformation project, the Porvoo refinery can reduce CO2 emissions by more than 4 million tons in the first ten years of operation.
Neste also intends to establish a network of leading European technology suppliers and R&D institutes in order to lay the groundwork for a world-class European hub for renewable hydrogen and CO2 utilization.
Over €1.1 billion is being invested in seven large-scale innovative projects by the EU Innovation Fund. Neste, along with other successful projects, will begin preparing individual grant agreements with the funding agency, which are expected to be completed in the first quarter of 2022.