EFTA Surveillance Authority (ESA) has approved the Full-Scale Carbon Capture and Storage (CCS) project, representing the a central part of Norway’s efforts to reduce its carbon footprint and meet the European goal of climate-neutrality by 2050.
Carbon Capture and Storage (CCS) has been recognised by the European Union as key to reducing the harmful environmental effects of carbon-intensive sectors.
The approved project would allow for the establishment of carbon capture facilities at Norcem, a cement factory in Brevik, and Fortum Oslo Varme, a Waste-to-Energy plant. The captured CO2 is then to be transported and stored deep below the seabed in the North Sea.
This part of the process is to be carried out by a joint venture between Shell, Total and Equinor, known as Northern Lights.
“ This CCS project is a groundbreaking step towards tackling climate change – an issue that affects all of us. Protecting the environment is at the heart of the European agenda, and ESA is pleased to work with Norway and the European Commission to find ways to support this important goal ”, said Bente Angell-Hansen , president of ESA.
The Full-Scale CCS Project promises to become the first of its kind to go live in Europe. It has a budget of up to EUR 2.57 billion, which will cover construction and ten years of operation. The Norwegian government would cover around 80% of the project’s estimated budget.