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The Norwegian government has issued licenses to companies interested in storing the powerful greenhouse gas CO2 beneath the North Sea floor. This move marks a significant step towards establishing large-scale carbon capture for European emissions sources. Energy Minister Terje Aasland stated that Norway’s new licenses contribute to this important goal.
Among the companies awarded storage licenses are Norwegian energy company Sval Energi, carbon storage company Storegge, and the Norwegian subsidiary of Europe’s Neptune Energy. These entities will be able to store CO2 in underground geological formations or supply it to industries like the beverage sector as they work towards cleaner, more sustainable practices.
Last March, five Norwegian or European-based companies had already submitted their applications to the Norwegian Ministry of Petroleum and Energy to store CO2 in the North Sea waters of Norway. This recent development further solidifies Norway’s position as a leader in carbon storage. In 2018, Equinor, a Norwegian energy company, partnered with Shell and TotalEnergies to establish the Northern Lights carbon storage facility in the North Sea. This project originated from Norway’s first-ever offshore carbon storage license.
Norway’s energy regulator believes that the North Sea has the potential to store more than 80 billion tons of CO2, equivalent to 1,000 years’ worth of Norwegian emissions. This assessment underscores the significant role Norway can play in mitigating the climate crisis through carbon storage initiatives.
On a global scale, the United States is also taking steps towards reducing CO2 concentration in the atmosphere. The U.S. Department of Energy recently announced the availability of $1.2 billion in climate funding for two commercial-scale direct air capture (DAC) facilities in Texas and Louisiana. This initiative, part of President Joe Biden’s Bipartisan Infrastructure Law, aims to establish a national network of carbon removal sites to address the escalating climate crisis.
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