Sunita Somvanshi
Norway has officially launched the Northern Lights project, the world's first commercial CO2 storage service.
Photo Source: Google
The project's goal is to help industry minimize carbon emissions by storing CO2 underground.
CO2 will be stored in Øygarden, 2,600 meters below the seafloor in the North Sea.
Northern Lights is supported by Equinor, Shell, and TotalEnergies.5. It will store 1.5 million tonnes of CO2 per year by 2025, with plans to expand capacity.
The project focuses on industries such as cement and steel, which are difficult to decarbonize.
CCS technology is expensive, but the Norwegian government covers 80% of the upfront expenditures.
CCS now accounts for only 0.1% of worldwide annual CO2 emissions.
Public financing and policies are critical for scaling up CCS technology.
Since 2021, global investments in CCS have surged fivefold, reaching $11.3 billion.
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