The Swedish Energy Agency has granted nearly $1 billion (SEK 9.3 billion) in funding for three companies working on large-scale capture and permanent storage of biogenic carbon dioxide in Sweden.
Renova, SYSAV and Öresundskraft will each use a portion of the granted funding to capture and permanently store CO2, helping Sweden advance towards its goals of reaching net-zero emissions by 2045 and negative emissions thereafter.
The grants are provided as part of the second auction under the government’s bio-CCS support scheme. In the first auction round, Stockholm Exergi was granted over $2 billion (SEK 20 billion) to store more than 11 million tonnes of CO2.
In this second part of the auction, the selected companies are required to commence the geological storage of biogenic CO2 no later than four years after the funding decision.
Under the signed commitment, Renova plans to capture and store a total of 890,000 tonnes of biogenic carbon dioxide during the support period, while Öresundskraft is working towards 1.26 million tonnes, and SYSAV is projected to store 3.6 million tonnes.
Back in 2021, Sweden tasked the country’s Energy Agency with the design and support of a national bio-CCS support scheme. In 2024, the scheme was officially approved, offering funding through a reverse auction mechanism.
Through this mechanism, applicants compete to provide negative emissions at the lowest support level per tonne of CO2. “The reverse auction enables public funding to be directed towards those projects that deliver the greatest possible climate benefit,” said Carl Mikael Strauss, Head of Unit at the Swedish Energy Agency.
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