The European Commission will fund a Carbon Capture and Storage project by Ireland’s Gas Network parent company (Ervia), public broadcaster RTE reported on Thursday.

The project will be developed in Cork and will facilitate capturing carbon emissions and storing them underground, in the soon-to-be-depleted Kinsale gas field, preventing emissions from entering the atmosphere and contributing to climate change.

Part of the attraction of the project is that Kinsale already has existing connections to the gas network which would make the transfer of captured CO2 more cost-effective.

The project will be financed by the European Commission’s “Project of Common Interest” €30bn infrastructure fund.