Norway auctions new licenses for offshore carbon capture

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🗞️ Driving the news: Norway has launched its sixth licensing round for offshore carbon capture and storage (CCS), opening up new areas in the North Sea for CO2 storage exploration
•  The initiative reflects Norway's commitment to developing a robust CCS sector, offering exploration rights to evaluate reservoirs' suitability for CO2 injection and storage

🔭 The context: The move comes in response to the increasing demand from the industry for CO2 storage solutions on the Norwegian continental shelf
•  With the North Sea's ample availability of depleted oil and gas fields and reservoirs, Norway is poised to become one of Europe's key CO2 storage hubs, aligning with its strategy to reduce emissions while fostering economic growth through new job creation

🌍 Why it matters for the planet: CCS is a crucial technology in the fight against climate change, enabling the sequestration of CO2 emissions from industrial processes and preventing them from entering the atmosphere
•  Norway's proactive approach in facilitating CO2 storage can significantly contribute to Europe's emission reduction efforts, showcasing the country's leadership in green technology and sustainable energy practices

⏭️ What's next: The licensing round invites bids until April 24, with awards to follow
•  This step underscores Norway's ambition to establish substantial CO2 storage capacity, potentially reaching 50 million tonnes per annum by the early 2030s, and highlights the ongoing development of leading CCS projects like the Longship/Northern Lights initiative

💬 One quote: “Such activity will have the potential to reduce emissions in Europe, while creating new and valuable jobs in Norway,” - Norway’s Energy Minister Terje Aasland

📈 One stat: Norway has already awarded licenses to 11 companies for a combined potential storage of 40 million tonnes per annum of CO2

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