Published by Todd Bush on September 26, 2024
Øygarden (Norway) – Norway inaugurated Thursday the gateway to a massive undersea vault for carbon dioxide, a crucial step before opening what its operator calls the first commercial service offering CO2 transport and storage.
The Northern Lights project plans to take CO2 emissions captured at factory smokestacks in Europe and inject them into geological reservoirs under the seabed. This method is designed to prevent emissions from entering the atmosphere, thereby helping to mitigate climate change.
>> In Other News: Phlair’s Game-Changing Carbon Capture Technology
On the island of Øygarden, a key milestone was marked with the inauguration of a terminal built on the shores of the North Sea, its 12 shiny storage tanks standing prominently. The facility will collect liquefied carbon dioxide, which will be transported by ship for storage beneath the seabed.
The liquefied CO2 will be transported by boat from the terminal’s tanks through a 110-kilometer (68-mile) pipeline. The carbon dioxide will be injected into the seabed at a depth of 2.6 kilometers for permanent storage. The project, a joint venture involving Equinor, Shell, and TotalEnergies, is expected to bury its first CO2 deliveries in 2025.
It will initially have the capacity to store 1.5 million tonnes of CO2 per year, with plans to scale up to five million tonnes in a second phase if demand allows. "Northern Lights is really a demonstration project that carbon capture and storage is a technically feasible solution," said Tim Heijn, Managing Director of the project.
While the technology holds immense promise, carbon capture and storage (CCS) remains complex and costly. The UN’s Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA) have endorsed CCS, particularly for industries like cement and steel that are difficult to decarbonize.
The world’s overall carbon capture capacity currently stands at just 50.5 million tonnes, according to the IEA, which represents a mere 0.1% of the global total emissions. "In order to limit global warming to 1.5 degrees Celsius, CCS would need to capture at least one billion tonnes of CO2 annually by 2030," the IEA states.
The technology has been slow to gain momentum due to its high costs, which often exceed what companies pay for CO2 emission quotas. As a result, it relies heavily on subsidies. "Public support was and will be crucial to help such innovative projects advance," said Daniela Peta, public affairs director at the Global CCS Institute.
The Norwegian government has financed 80% of the total cost of the Northern Lights project. Although the exact cost has been kept confidential, the project is part of a 30-billion-kroner ($2.9 billion) plan known as "Longship," of which 20 billion kroner was provided by the state. The North Sea, with its depleted oil and gas fields and vast network of pipelines, is seen as an ideal location for storing greenhouse gases.
Several undersea storage projects are also in development across Europe. One such project, the Greensand scheme, is being built off Denmark’s coast by Ineos and 23 partners. It is expected to launch between late 2025 and early 2026.
Despite its potential, CCS technology has faced criticism from environmentalists. Some argue that it allows industries to continue polluting rather than addressing their CO2 emissions directly. "Northern Lights is 'greenwashing'," said Frode Pleym, head of Greenpeace Norway. He claims the project, led by oil companies, is a tactic to continue extracting fossil fuels.
Norwegian Energy Minister Terje Aasland rejected these claims, stating, "The alternative is failing to meet the climate challenges or forcing industries to shut down. This is not at all desirable."
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🚂 Ballard Announces 1.5 MW Fuel Cell Engine Order for Sierra Northern Railway 🌊 Sonardyne Secures Monitoring Deal for NEP CCS Project 🏆 ClimeFi provides access to CDR portfolio o...
Inside This Issue 🛢️ Chevron Doubles Down on U.S. Hydrogen Innovation with Dual Projects in Texas and California 🧾 Exclusive: White House Considers Plan to Clear Record Backlog of Small Refinery B...
Inside This Issue 💸 Trump Administration Cancels $3.7 Billion in Clean Energy Projects, Ending Ambitious Industrial Decarbonization Efforts 🌊 A New Protocol for Carbon Removal via Direct Ocean Cap...
Ballard Announces 1.5 MW Fuel Cell Engine Order for Sierra Northern Railway
VANCOUVER, CANADA – Ballard Power Systems (NASDAQ:BLDP; TSX:BLDP) today announced the signing of a new supply agreement with California-based rail operator Sierra Northern Railway for the supply of...
PureWest and Gunvor Group Partner to Accelerate Use of Verified Low-Carbon Gas Solutions
PureWest Energy, LLC ("PureWest"), a leading Rocky Mountain independent natural gas producer recognized for its low methane and carbon emission rates, and Gunvor USA LLC, a member of Gunvor Group (...
Towards Net Zero: Sustainability Meets Efficiency with E-Drive
In the first blog of this series, we introduced the roadmap that will make Woodfibre LNG one of the lowest-emission LNG facilities in the world. A key component of that strategy is the E-Drive syst...
ClimeFi provides access to CDR portfolio of XPRIZE competition Winners and Finalists
ClimeFi has partnered with XPRIZE to provide CDR buyers with a portfolio that offers unrivalled exposure to the XPRIZE Carbon Removal competition Winners and Finalists ClimeFi has partnered with X...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.