The Port of Rotterdam has raised €50 million via the issuance of a brand new Carbon Seize and Storage Bond, marking the primary ever company bond with use of proceeds to be completely allotted to carbon seize and storage (CCS).
Proceeds raised via the brand new bond providing will likely be allotted to Port of Rotterdam’s fairness funding in Porthos, one of many world’s largest carbon seize and storage initiatives. Porthos will transport CO2 that’s captured by firms in Rotterdam equivalent to hydrogen producers and refineries, and retailer it in depleted fuel fields underneath the North Sea. The challenge goals to move and retailer roughly 2.5 million tonnes of CO2 yearly for 15 years, collected from firms together with Shell, ExxonMobil, Air Liquide, and Air Merchandise. Building on challenge infrastructure started in 2024, with Porthos anticipated to be operational in 2026.
Japan’s Dai-ichi Life Insurance coverage Firm was the biggest participant within the new CCS bond providing, investing €26 million. The corporate mentioned that its funding aligned with its “Environmental Management” theme, supporting the Port of Rotterdam Authority’s decarbonization efforts, along with offering anticipated secure funding returns. The corporate added that it collaborated carefully with the Port of Rotterdam Authority and HSBC Securities to construction the transaction.
Port of Rotterdam Authority CFO Vivienne de Leeuw mentioned:
“Lots of our investments immediately scale back CO₂ emissions, equivalent to the development of the CO₂ pipeline infrastructure for the Porthos CO₂-transport and storage challenge. Our collaboration with Dai-ichi Life allows us to understand these sort of decarbonisation initiatives and construct a future-proof port.”
Picture supply: Port of Rotterdam, Kees Torn (photographer).
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