Denmark is allocating DKK 26.8 bn (c. USD 3.9 bn) for carbon capture and storage (CCS) projects over a 15-year period, Reuters reports. CCS developers that are looking to capitalize on the state’s incentives have to bring their projects fully online by 2029 in a bid to lock in as much as 2.8 mn tons of greenhouse gas emissions annually. The state plans to earmark DKK 10.5 bn for a CCS tender in June 2024, and DKK 16.4 bn for a tender in 2025 under plans to mitigate some 900k tons and 1.4 mn tons of CO2 respectively, according to the newswire. In January, the European Commission greenlit a EUR 1.1 bn Danish carbon capture scheme aimed at offsetting 400k tons of CO2 per year as part of Denmark’s target to push down its greenhouse gas emissions 70% by 2030 compared to 1990 levels. By 2030, the country’s CCS capacity is expected to mitigate some 3.2 mn tons of CO2 output, Reuters notes.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Historic drought causing trouble in the Panama Canal: The Evergreen Marine ship — which was scheduled to set a record for carrying the most containers through the Panama canal earlier this month — was forced to unload thousands of containers after the canal authority reduced maximum ship weights in response to lower water levels caused by the Panama drought. The restriction has impacted 170 countries that use the canal to transport key goods. (Reuters)
  • Ecuador says no to Amazon oil drilling: Ecuadorians voted in a historic referendum in favor of an oil development ban in the Yasuni Amazon reserve. (Reuters)
  • TotalEnergies buys stake in Norway CO2 storage project: French oil giant TotalEnergies has bought a 40% stake in a CO2 storage exploration license owned by Norwegian energy infrastructure company CapeOmega. The license is for an area located off the shore of Bergen in Norway, and the first phase will be operational next year. (Statement)
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