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Dutch govt grants $2.4 billion in subsidies to very large carbon storage challenge By Reuters 

© Reuters. FILE PHOTO: A container terminal is seen within the port of Rotterdam, the Netherlands, March 21, 2016. REUTERS/Michael Kooren/

By Bart H. Meijer

AMSTERDAM (Reuters) -The Dutch authorities has granted a consortium that features oil majors Royal Dutch Shell (LON:) and ExxonMobil (NYSE:) round 2 billion euros ($2.4 billion) in subsidies for what is about to change into one of many largest carbon seize and storage (CCS) tasks on the earth, the Port of Rotterdam stated on Sunday.

Shell and Exxon requested the subsidies in January along with industrial fuel suppliers Air Liquide (OTC:) and Air Merchandise (NYSE:) for a challenge which goals to seize CO2 emitted by factories and refineries within the Rotterdam port space and retailer it in empty Dutch fuel fields within the North Sea.

The businesses concerned have been instructed that their functions will probably be granted, port spokesman Sjaak Poppe instructed Reuters, confirming an earlier report by Dutch public broadcaster NOS.

This clears crucial hurdle for the challenge, which is about to change into operational in 2024 and is anticipated to scale back emissions within the industrial cluster surrounding Europe’s largest sea port by round 10%.

Economic system ministry spokesman Dion Huidekooper declined to touch upon the reviews on Sunday night.

Particulars of the subsidies can be made public after selections had been taken on all functions for this yr, he stated, which was anticipated to occur later this month.

The federal government has stated it can grant a complete of 5 billion euros in subsidies in 2021 for applied sciences that may assist it obtain its local weather objectives.

It acquired functions for a complete sum of 6.4 billion euros.

The CCS subsidies are supposed to compensate the businesses for the additional prices of capturing the greenhouse gasses as an alternative of emitting them, whereas the port will present the required infrastructure to move the carbon dioxide to the empty offshore fuel fields.

Residence to many massive industries and Europe’s fundamental seaport, the Netherlands is among the many nations with the very best emissions of greenhouse gasses per capita in Europe.

It goals to decrease emissions by 55% relative to 1990 ranges by 2030. Emissions had been down 24.5% from 1990 ranges final yr.

($1 = 0.8222 euros)

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