Norway proposes over $70M for CO2 capture and storage

January 11, 2020 |

In Norway, the government proposes to allocate a total of 628 million NOK or $70.6 million USD, for the development of carbon capture and storage. The case will be presented to the Parliament. The government has stated that an investment decision can be made in 2020/2021.

The government has already spent large sums on research and development, demonstration and planning of the CCS full scale project. The budget proposal for 2020 includes continuation of the work with a full-scale CO2 capture, transport and storage project, funds for operation of the Technology Centre at Mongstad (TCM) and for the research program Climit.

The effort to develop a full-scale project for capture and storage of CO2 will continue. The government proposes to allocate 215 million NOK to the industry actor’s work with the project in 2020. This will facilitate the continuation of the project maturation.

The Government will consider realisation of the project once the front end engineering and design studies and the external quality assurance process has been completed. When assessing an investment decision, the government will evaluate the results from the front end engineering and design studies, the potential for benefit realization and the economic leeway.

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