EnEarth, a subsidiary of the British Energean Group, has submitted its application for a CO2 Storage License in Kavala (Northeast Greece) to the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP). The application seeks the approval of the CO2 storage site as specified in the Investigation Permit and the activation of the right to store CO2. The application details a first phase for the project with a storage capacity of up to 1 MtCO2/year, aiming to reach up to 3 MtCO2/year once the project is fully developed. EnEarth expects to receive the official notification of the request for approval of a State Aid as a prerequisite in the process of accessing the funds designated to the project, as approved under the Recovery & Resilience Facility (RRF). The company aims to submit a complete Environmental and Social Impact Assessment before the end of summer 2024, with a non-binding market test expected within the year.
Greece aims to reduce its total GHG emissions by 55% by 2030, by 80% by 2040, and to reach net zero emissions by 2050 (compared to 1990 levels).