Greece launches a €4bn mega-plan to capture its industrial emissions: green revolution or new dependence?

Tomorrow, Parliament votes on the bill that triggers over €4 billion in investments for carbon capture and storage (CCS), setting Greece on course to become the largest CO₂ management hub in Southeastern Europe. From refineries and cement plants to the Prinos field, Greek industry enters a new era of green transformation — with massive opportunities but equally significant questions about cost, strategy and long-term dependence.

The bill that unlocks Greece’s industrial green shift

The new framework defines tariffs, market rules, capacity and licensing, enabling the EnEarth market test and accelerating final investment decisions for CCS projects.

Its passage marks the biggest shift in Greek energy policy in a decade.

HERACLES – Project OLYMPUS: €400m to produce near-zero-emission cement

• Total investment: €400 million
• EU Innovation Fund grant: €124.5 million
• Operation start: 2030
• CO₂ capture: 1 million tons/year
• Output: 2 million tons of near-zero-emission cement

Using cryogenic CO₂ capture with no freshwater use or waste generation, Olympus creates Greece’s first complete “carbon chain,” shipping captured CO₂ 250 nautical miles to Prinos.

TITAN – IFESTOS: The largest CCS project in Greek history

• CO₂ capture: up to 1.9 million tons/year
• Green cement: 3 million tons
• EU grant: €235 million
• Final decision: end of 2026
• Operation: 2030

IFESTOS promises 10 million tons of avoided CO₂ over ten years — the most ambitious CCS project in Europe’s cement sector.

Motor Oil – IRIS: Greece’s first low-emission refinery

IRIS turns the Agioi Theodoroi refinery into a hub for:

• CO₂ capture from SMR units
• Production of ultra-low-emission hydrogen
• Synthesis of green methanol for shipping

Innovation Fund grant: €127 million Avoided emissions: 8.5 million tons in 10 years

Motor Oil shifts from fossil fuels to value-added green fuels.

DESFA – Apollo CO₂: Building Greece’s first national CO₂ transport system

Apollo is the critical midstream link that connects emitters to storage.

• Grant: €169.3 million
• Liquefaction at Revithoussa LNG terminal
• CO₂ pipeline: 35 km
• Initial transport: 3 million tons/year
• Capacity expansion: 5 million tons by 2034

Leveraging existing cryogenic LNG infrastructure sharply lowers costs and gives Greece a first-mover advantage in Southern Europe.

Prinos CO₂ – Energean’s flagship project

• Total investment: €1+ billion
• Subsidies: €270 million (RRF + CEF)
• Storage capacity: 2.8 million tons CO₂/year
• Signed MoUs: 15 companies – up to 6 million tons CO₂
• First injection well: H1 2026

Prinos becomes the first CCS storage site in the Eastern Mediterranean, positioning Greece as a regional CO₂ reservoir.

A fragile balance: If one project stalls, the whole system risks collapse

The projects are tightly interdependent:

• Cement plants require transport + storage
• Apollo requires steady CO₂ flows
• Prinos requires long-term capture commitments

A delay in any link could derail billions in investment.

 Greece stands at a €4bn crossroads

Greece is entering the global industrial carbon management market, a sector reshaping the future of heavy industry.

Potential outcomes:

• Becoming the CCS hub of Southeastern Europe
• Creating low-carbon industrial clusters
• Leading in synthetic fuels and clean cement

Challenges ahead:

• High industrial costs
• Environmental and technological risks
• Fast-track permitting pressure
• Potential dependence on a small number of CCS providers

This is a historic investment wave — one that could define Greece’s industrial profile for decades.

Source: pagenews.gr