EIB Finances Groundbreaking Carbon Capture Plant in Stockholm

Stockholm, Sweden – April 8, 2025: The European Investment Bank (EIB) has announced a loan of €260 million to Stockholm Exergi for the construction of Sweden's first large-scale bioenergy plant that incorporates carbon capture and storage (BECCS). This facility, known as Beccs Stockholm, will be constructed at Värtaverket and is expected to play a pivotal role in the country’s climate strategy, contributing to Sweden's goal of achieving net zero emissions by 2045. ## Overview of the Project

Beccs Stockholm will aim to capture approximately 800,000 tonnes of carbon dioxide (CO2) annually. This volume surpasses the total CO2 emissions produced by all of Stockholm's road traffic in a single year. The technology employed in this facility is designed to separate, liquefy, and permanently store biogenic CO2 generated from the combustion of biofuels, leading to what is known as negative emissions.

Once captured, the CO2 will be temporarily stored before being transported to Norway for permanent storage in geological formations beneath the North Sea. This initiative collaborates with the Northern Lights project, a partnership involving Equinor, Shell, and TotalEnergies, aiming to facilitate a sustainable approach to carbon management.

Significance and Impact

This project marks the EIB’s inaugural financing of a carbon capture and storage (CCS) initiative. According to EIB Vice President Thomas Östros, this investment demonstrates Sweden's capacity to merge technological advancement with tangible climate benefits. "By supporting Beccs Stockholm, we are taking an important step to enable negative emissions in Europe and globally," he stated, emphasizing the project's contribution to the EU’s broader climate objectives and the global pursuit of climate stability.

Bedrock support from various sectors has already been established. Notably, Stockholm Exergi has secured significant agreements with companies seeking to invest in negative emissions, including a landmark commitment from Microsoft, making it the largest single agreement of its kind worldwide.

Statements from Key Figures

Anders Egelrud, CEO of Stockholm Exergi, commented on the collaboration with the EIB, expressing confidence in their ongoing partnership. He noted, "Their support enables the construction of one of the world’s largest facilities for the capture and permanent storage of biogenic carbon dioxide. Together, we are laying the foundation for a new, green, and competitive Nordic industry which will be crucial in achieving long-term climate goals."

Background on Bio-CCS Technology

Bio-CCS technology includes processes that capture biogenic carbon dioxide before it can enter the atmosphere. This approach is essential for creating negative emissions, which are vital to offsetting emissions that are challenging to eradicate entirely. The Beccs Stockholm facility will be strategically located in the Energy Port of Värtan. This site already generates sustainable heat and electricity using residues from the forestry and sawmill industries, such as wood chips, branches, and tops, augmenting its environmental benefits through the addition of carbon capture capabilities.

Conclusion

Beccs Stockholm represents a critical step forward in both Sweden’s and Europe’s efforts to mitigate climate change through innovative technology. Supported by the EIB and complemented by private and public partnerships, this project aims to not only fulfill emission targets but also set a precedent for future efforts in the global fight against climate change. The facility is projected to commence operations in 2028, marking a significant advancement in carbon management practices within the energy sector.