Port of Rotterdam Launches World’s First CCS-Only Corporate Bond

The Port of Rotterdam Authority has raised €50 million through a dedicated Carbon Capture and Storage (CCS) bond, becoming the first corporate issuer globally to ringfence bond proceeds exclusively for carbon capture and storage infrastructure. Funds from the issuance will be used to finance the port authority’s equity stake in Porthos, one of the largest CCS initiatives currently under development worldwide. The project will collect carbon dioxide from industrial facilities in the Rotterdam region and transport it via pipeline for permanent storage in depleted gas fields beneath the North Sea. Once operational, Porthos is expected to handle around 2.5 million tonnes of CO₂ per year over a 15-year period. Captured emissions will come from major industrial players operating in the port area, including Shell, ExxonMobil, Air Liquide, and Air Products. Construction began in 2024, with commissioning targeted for 2026.

 

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Japan-based Dai-ichi Life Insurance Company was the anchor investor in the transaction, committing €26 million, more than half of the total issuance. The insurer said the investment aligns with its Environmental Leadership strategy, supporting industrial decarbonization while delivering predictable long-term returns. Dai-ichi Life worked closely with the Port of Rotterdam Authority and HSBC Securities to structure the bond, reflecting growing institutional appetite for climate-aligned infrastructure financing.

 

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Vivienne de Leeuw, Chief Financial Officer at the Port of Rotterdam Authority, said the bond provides a new financing channel for large-scale emissions reduction projects that are central to the port’s long-term transition strategy. She noted that investments such as the CO₂ transport and storage infrastructure for Porthos play a direct role in cutting industrial emissions, and that partnerships with long-term investors are essential to delivering these projects while ensuring the port remains competitive and resilient. The CCS bond marks a milestone for climate finance, signalling how targeted capital markets instruments can be used to fund hard-to-abate industrial decarbonisation at scale.

 

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