Norway postponed a final decision on whether to go ahead with a project to develop Europe’s first industrial carbon capture and offshore storage (CCS) project, after dropping one of its participants, Yara International .
The government said on Tuesday that fertiliser maker Yara’s site, one of three industrial facilities identified for the project, was not suitable and the project as a whole needed to be more cost effective.
Governments and businesses seeking to cut carbon emissions have long cherished the idea of storing CO2 in the ground rather than emitting it.
The Norwegian government, which has estimated its project will cost up to 12.6 billion Norwegian crowns ($1.6 billion), had planned to decide in 2019 on whether to invest some of the money for the project, but on Tuesday put that decision off until some time during 2020 or 2021. Read More