CARBON STORAGE FACILITY
The Commission approved a €150 million Greek measure to support the construction of a carbon storage facility. The aid will take the form of a direct grant, which will be disbursed in three instalments until 2026. The grant will cover approximately 90% of the funding gap. The beneficiary of the measure is EnEarth Ltd, a Greek subsidiary of Energean plc, an exploration and production company focused on developing resources in the Mediterranean and North Sea. Further information can be found here.
DECARBONISATION OF STEEL PRODUCTION
The Commission approved a €128 million Swedish measure to support SSAB, a Swedish steel manufacturer, in decarbonising its steel production processes. The measure will be made available through the Just Transition Fund and will support SSAB's project to transition from a coal-based steel production process to a nearly zero-emission system. Further information can be found here.
TRANSITION TO A NET-ZERO ECONOMY
The Commission approved two Luxembourgish schemes with a total budget of €520 million to help manufacturing companies to decarbonise their production processes and to support investments in strategic sectors to foster the transition to a net-zero economy. The schemes were approved under the State aid Temporary Crisis and Transition Framework. The aid will take the form of direct grants under both schemes. Further information can be found here.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
