Norwegian carbon dioxide (CO2) storage company Northern Lights and its owners have agreed to store emissions captured at fertiliser-maker Yara's Dutch operation from 2025 in what they say is a commercial breakthrough for the business.
The deal is the first commercial agreement Northern Lights has signed and the first commercial agreement on cross-border CO2 transport and storage signed anywhere in the world.Under the deal, 800,000 tonnes of CO2 per year will be transported on ships from the Netherlands from early 2025. By comparison, Norway emits about 50 million tonnes of greenhouses gases per year.
The parties did not disclose financial details of the deal, but TotalEnergies CEO Patrick Pouyanne said it was "profitable", citing increased prices for CO2 emissions allowances in Europe. "So at this level we can invest in these projects and allocate capital because we get an acceptable return."Northern Lights also has preliminary deals to store CO2 from a cement plant and a waste plant that, if confirmed, will fill the project's phase 1 capacity of 1.5 million tonnes per year.
The International Energy Agency says carbon capture and storage is vital to reducing global CO2 emissions, including from hard-to-abate sectors such as cement production, to curb global warming.
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