Slovakia To Make Bold Investment In Carbon Storage In New Recovery Plan Update

Slovakia To Make Bold Investment In Carbon Storage In New Recovery Plan Update - Carbon Herald
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According to a report in Euractiv, Slovakia is set to make a bold investment in carbon storage as part of its new recovery plan update.

This development comes as Slovakia is set to receive European funds from the Recovery and Resilience Plan to make its industry more eco-friendly. All projects under this program must be ready by 2026.

In the midst of issues surrounding the completion of the plan and a shift in ownership of a proposed steel plant in Košice, the country intends to allocate 300 million euros towards constructing an underground facility for storing carbon dioxide.

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Initially, Slovakia had planned to invest the funds in an American steel plant in Košice. However, due to a change in ownership of the project, the investment plans have been put on hold, leaving Slovakia with approved funding to be put to use by 2026.

With this looming deadline, the country is now preparing to launch a call for projects focused on reducing industrial emissions in order to utilize €300 million from the Recovery and Resilience Plan.

The European Commission has approved the country’s proposal to initiate a new project call, as stated by Minister of Environment Tomáš Taraba

The country’s government is now calling for project proposals that focus on reducing the CO2 footprint and promoting sustainability in various sectors of the economy. After a month, the projects submitted in the call will be evaluated. 

Read more: European Commission Gives Germany Green Light For $4.3 Billion Carbon CFDs

In the event of insufficient proposals, the Environment Ministry has an alternative plan that it claims could potentially surpass all climate goals. This plan consists of capturing carbon dioxide emissions from industrial facilities in Slovakia and storing them underground using carbon capture and storage (CCS) technology.

Minister Taraba pointed out that the concept was suggested by industry representatives, who proposed utilizing empty natural gas production wells and current gas infrastructure for storing emissions. 

According to the minister, this strategy will allow modern industrial plants to avoid additional investments in decarbonization and production technology in order to stay competitive.

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