For the third time Stockholm Exergi participates at a UN COP conference. This time it’s COP28 in Dubai. Company representatives will be both hosting and participating in panel discussions and other events, with the aim of sharing knowledge of how Bio Energy Carbon Capture and Storage (BECCS) can reduce the amount of carbon dioxide in the atmosphere.
- Three years ago at COP26 there were few discussions about carbon capture utilization and storage (CCUS). Now at COP 2028 it’s totally different. It’s widely acknowledged that CCUS is needed both from a carbon reduction and carbon removal perspective. Several industries need CCS to reduce fossil CO2 from their processes and biogenic CCS is needed to create permanent removals to mitigate the hard to abate emissions, says Anders Egelrud, CEO of Stockholm Exergi.
Stockholm Exergi is developing BECCS technology at its biomass-powered combined heat and power plant Värtaverket in Stockholm. The company currently has a BECCS research facility in place and its goal is to build a full-scale facility that, when completed, will be able to capture 800,000 tons of biogenic carbon dioxide per year – more than the carbon emissions from Stockholm’s road traffic over the course of one year.
Stockholm Exergi’s BECCS project is supported by the EU’s Innovation Fund, an important source of support and one of three streams of revenue that Stockholm Exergi has assessed will be needed to finance the full-scale facility. The other two are support from the Swedish government and revenues from sales of so-called Carbon Removal Certificates (CRC) within a voluntary market for negative emissions.
- One topic I’ve had the chance to talk about is the role of finance in promoting BECCS. There are several. Firstly, carbon removals need to be commodified and we therefore need a global carbon removal market. Hence, there’s also a need for a global standard for how to measure and support net-zero targets. Last but not least, the world needs a new BECCS project like ours every fourth day. In Europe amounts to one every month. Thus, the financing need is huge, says Anders Egelrud.
Facts about BECCS
Carbon dioxide capture projects are being constructed as an addition to Stockholm Exergi’s biomass-powered combined heat and power plant in Stockholm. With its research facility, which has been in operation since 2019, Stockholm Exergi has been able to demonstrate the initiative’s height of innovation with very high levels of energy efficiency and sustainability. Results have displayed an ability to capture close to 90 percent of biogenic carbon dioxide while maintaining high levels of energy efficiency thanks to extensive recycling of heat in Stockholm’s district heating network.
Stockholm Exergi is investing in its construction of Europe’s first large-scale facility for negative emissions. When the full-scale facility equipped with BECCS technology is completed, it will be able to capture 800,000 tons of carbon dioxide every year – more than the carbon dioxide emissions of Stockholm’s road traffic over the course of one year. The facility will contribute to net zero targets for Sweden as well as those of Swedish and international businesses.