Netherlands to Support World's Largest Carbon Capture and Storage Facility with 2.7 Trillion Won Funding
[Asia Economy Reporter Park Byung-hee] Major foreign media reported on the 9th (local time) that the Dutch government will support 2 billion euros (approximately 2.7 trillion KRW) for the world's largest carbon capture and storage facility to be built at the Port of Rotterdam.
The facility is being constructed by a consortium of major oil companies Royal Dutch Shell and ExxonMobil and is scheduled to begin operation in 2024. It is a facility that captures greenhouse gases such as carbon dioxide and stores them in empty Dutch gas storage sites in the North Sea, and it is expected to reduce carbon gas emissions from the Rotterdam industrial complex by about 10%.
Shell, ExxonMobil, and related companies requested subsidy support from the Dutch government in January, and announced that approval from the authorities had been granted. However, foreign media reported that they had not received a response from the government regarding the subsidy support.
The Netherlands is one of the countries in Europe with high per capita greenhouse gas emissions.
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The Dutch government plans to reduce greenhouse gas emissions by 55% by 2030 compared to 1990 levels. Last year, greenhouse gas emissions were 24.5% lower than in 1990.
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