The Dutch government has announced a €639 million investment in the Aramis CCS project, the country’s largest carbon capture and storage initiative. This investment comes after TotalEnergies and Shell withdrew part of their planned investments in the project.
To keep the project and the Netherlands’ climate goals on track, the government has stepped in to reduce risks for the remaining investors, the government-owned energy company EBN and the Dutch gas grid operator Gasunie.
The decision by Shell and TotalEnergies to scale back their involvement is part of a broader trend where many European energy players are scaling down their climate and renewable energy targets in response to increasing competition from US counterparts, who have stayed focused on oil and gas. Despite their pullback, both companies intend to remain involved in developing storage capacity and offering related services for the Aramis CCS project.
The Aramis CCS project is emerging as a key player in Europe’s efforts to decarbonise heavy industries and meet climate targets, positioning itself as a model for future CCS developments. The project aims to store up to 22 million tonnes of CO2 annually and is expected to become operational by 2030. For more information about the project, read here.
Photo credit: Aramis CCS project
