In the coastal town of Øygarden, Norway, a transformative initiative is nearing fruition, poised to establish the nation as a global hub for permanent CO2 storage. The Northern Lights project, a first-of-its-kind endeavour integrating the transport, processing, and subterranean storage of carbon dioxide, is revolutionising Europe's approach to mitigating climate change.
Substantially funded by the Norwegian government, Northern Lights is engineered to transport liquefied CO2 from industrial sources to the Øygarden terminal. Here, the CO2 will be deposited 2,600 meters beneath the North Sea within a porous rock formation. The project's initial phase, capable of handling 1.5 million tons of CO2 annually, is nearing completion and is anticipated to be operational by year-end. Subsequent phases aim to significantly expand this capacity.
Norway's aspirations extend beyond mere storage. The nation envisions cultivating a robust economic sector centered around CO2 management. Equinor, the Norwegian energy giant, estimates a potential market of 320 million tons of CO2 annually, dwarfing the industrial emissions of many European nations. Norway's continental shelf, endowed with aquifers and depleted oil and gas reservoirs, boasts an immense theoretical storage capacity.
Spearheaded by a consortium of Equinor, Shell, and TotalEnergies, Northern Lights has garnered substantial financial backing from the European Union. The project has attracted considerable interest from European industries, with the recent signing of the Oslo Declaration by 15 industrial leaders underscoring the urgent need for large-scale CCUS deployment.
The project's initial phase has already secured contracts with industrial sites in Norway and the Netherlands, a testament to the growing commitment to CCUS solutions. However, the path to a profitable CO2 storage industry is paved with challenges, including the necessity for significant infrastructure investments, such as extensive pipeline networks.
Despite these hurdles, industries with hard-to-abate emissions, like steel and cement, view carbon capture as a pragmatic and timely solution to reduce their environmental footprint. The Northern Lights project serves as a beacon of innovation, offering a tangible pathway for European industries to achieve decarbonization goals and contribute to a more sustainable future.
