In the beginning, the goal was to reduce CO2 from gas extraction. Now, carbon capture and storage (CCS) will help European industries transition.
“The need for CCS is huge – and the potential is huge. As we increase the scale and lower the costs – while the CO2 taxes increase – the market will work. This gap will keep getting smaller,” says Torbjorg Fossum, vice president for global CCS solutions at Equinor.
Recently it became known that Norway has landed its first commercial agreement on carbon capture and storage. The large fertiliser company Yara will buy space to store the emissions from their factory in the Netherlands on the Norwegian continental shelf – and increased CO2 taxes mean that this will be very profitable for them. In other words, Norway has started selling solutions for handling CO2 to the world.
This is happening through the Northern Lights project, a collaboration between Equinor, Shell and TotalEnergies.