Neste and the Climate, Infrastructure and Environment Executive Agency (CINEA) of the European Commission (EC) have signed an EU Innovation Fund’s grant agreement. Earlier, a positive decision on the award of a EUR 88 million grant from the EU Innovation Fund for Neste’s clean hydrogen project at the Porvoo refinery in Finland was announced. CINEA’s mission is to support stakeholders in delivering the European Green Deal through high-quality programme management.
The SHARC project will introduce electrolysis and carbon capture and storage (CCS) solutions that will enable rapid and efficient reduction of greenhouse gas emissions at the refinery. Neste’s project is in the feasibility phase, with no final investment decision yet made. Operations are planned to start in the mid-2020s. This is one of the first seven major projects of the Innovation Fund.
This transformation project is expected to reduce CO2 emissions by more than 4 million tons in the first ten years of operation at the Porvoo refinery in Finland. According to the signatories, the project is expected to contribute significantly to the achievement of Finland’s and the EU’s climate targets and plays a major role in Neste’s plays future plans.
Neste aims to make the Porvoo oil refinery the most sustainable refinery in Europe by 2030. The company is introducing renewable and recycled raw materials such as liquefied plastic waste as refining feedstocks, aims to achieve carbon-neutral production by 2035, and reduce the carbon intensity of sold products by 50 % by 2040.
- Climate, Infrastructure and Environment Executive Agency (CINEA), Brussels, Belgium
- Neste Oyj, Espoo, Finland
Also of Interest
 |
News: Seven Large-Scale Projects Funded by EU Innovation Fund, ChemistryViews 18 November 2021. One of the world’s largest funding programs for demonstrating innovative low-carbon technologies |
