Norway to spend $1.8 bln on world's first full-scale CCS chain
(Reuters, 21 Sep 2020) Carbon capture and storage is seen as central to plans to move to a lower-carbon future, but few commercial projects exist.
Norway said on Monday it would finance 16.8 billion crowns ($1.83 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.
CCS has been cited by governments, energy companies and industry for decades as central to plans to reduce emissions and move to a lower-carbon future, but development has been slow and there are few commercial projects in existence in the world.
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.
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.