ESG Today writes that the investment required to build the facility, which could produce as much as two million tons of net-zero cement per year by 2029, is expected to amount to 500 million euros.

Construction materials account for a high share of the planet's greenhouse gas emissions and cement alone, a critical ingredient for the production of concrete, accounts for around 8% of the planet's carbon emissions. This is because for each ton of cement manufactured, around 900 kilograms of carbon dioxide emissions are being released.

The upcoming GO4ZERO facility will initially be using a carbon purification technology, which can allow up to a 30% reduction of carbon intensity for emissions. Afterwards, all of the released CO2 emissions will be captured using a technology provided by Air Liquide and will be stored under the North Sea.

Over 95% of the required energy will be provided by alternative fuels, officials say, including Europe's largest floating solar panel installation, while 30% of the mix required to manufacture cement will come from alternative raw materials, sourced from various industries.

Miljan Gutovic, CEO Holcim Group, said that" by advancing decarbonization as a driver of profitable growth, Holcim is on course to make net-zero cement and concrete a reality at scale this decade. GO4ZERO is one of our six large-scale, European Union-supported carbon capture, utilization and storage projects. These aim to capture a total of over 5 million tons of CO₂ per annum, enabling us to offer over 8 million tons of fully decarbonized cement each year across Europe by 2030."

EU Innovation Fund will provide 230 million euros of the required investment for the construction of the GO4ZERO factory.