The European Commission has designated the carbon dioxide (CO2) capture and transportation project spearheaded by the CCS Baltic Consortium as a Project of Common Interest (PCI). This consortium comprises Akmenės cementas AB, KN Energies, AB, Larvik Shipping AS, Mitsui O.S.K. Lines, Ltd., and SCHWENK Latvija SIA.
The PCI status signifies the project’s pivotal role as a cross-border infrastructure initiative, aligning closely with the European Union’s (EU) energy policy and climate objectives. Among the numerous CO2 infrastructure projects evaluated, only 14 were granted PCI or Project of Mutual Interest (PMI) status, entitling them to various benefits, including financial support through the Connecting Europe Facility.
Initiated in 2022, the consortium’s primary objective is to establish a comprehensive carbon capture and storage (CCS) value chain in Lithuania and Latvia. This entails capturing CO2 emissions from industrial sources and transporting them both onshore and offshore to designated storage sites. Extensive groundwork, encompassing analyses, feasibility studies, and grant applications, has laid the foundation for project commencement slated for 2030. The PCI designation is poised to expedite forthcoming project phases, bolstering its realization.
In Lithuania, Poland, and Latvia, current regulations prohibit underground CO2 storage, underscoring the significance of CCS as a viable avenue for companies striving to meet ambitious decarbonization targets. The consortium envisions the CCS value chain as a catalyst for widespread adoption throughout the region, fostering collaborative efforts to address climate challenges on a broader scale.
Artūras Zaremba, CEO of Akmenės cementas, emphasized the critical role of CCS in industries facing hurdles in transitioning from fossil fuels to renewables, such as cement production. Darius Šilenskis, CEO of KN Energies, highlighted the consortium’s commitment to forging a sustainable CCS value chain, aligning with EU’s energy and climate imperatives. Espen Tollevik, Managing Director of Larvik Shipping, expressed pride in the consortium’s initiative, drawing upon the company’s extensive experience in CO2 transportation to bolster the Baltic CCS project. Suryan Wirya-Simunovic, Executive Officer of Mitsui O.S.K. Lines, underscored the company’s dedication to offering adaptable and eco-friendly solutions to drive decarbonization efforts. Reinhold Schneider, CEO of SCHWENK Latvija, emphasized the pivotal role of carbon capture in enhancing industrial sustainability and competitiveness, positioning the consortium as a vital player in shaping the future landscape of CO2 management.
