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Norway to spend $1.8 billion on world's first carbon capture project

Christian Fernsby ▼ | September 21, 2020
Under the plan, the Norwegian government would fund a carbon capture project at a cement factory in southern Norway operated by Germany's Heidelberg Cement.
Heidelberg Cement
Norway   Heidelberg Cement
Norway said on Monday it would finance 16.8 billion crowns ($1.8 billion) out of an estimated total investment of 25.1 billion crowns for what could be the world’s first full-scale carbon capture and storage (CCS) project.

Topics: Norway

The government would also finance a facility at a waste incineration plant in Oslo operated by Finland's Fortum if the latter can find external financial support.

Oslo will also finance Northern Lights, a joint venture between Equinor, Shell and Total that would transport and bury the captured emissions in an offshore geological formation in the North Sea.

Named Longship after the vessel used by Vikings, the project was a “milestone in the Government’s industry and climate efforts”, Prime Minister Erna Solberg said.

“The project will lead to emission cuts, and facilitate development of new technology and thus new jobs,” she told a news conference.