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SUMMARY

Financial support mechanisms also need to be in place to scale the market up, the country's petroleum ministry said.

By Joseph Murphy

Norway's petroleum minister Terje Aasland has stressed the need for Europe to develop greater capacities for the cross-border transport and storage of CO2, to help spur the sector's development.

Speaking in Brussels on June 23 at the Northern Lights Summit, Aasland praised the European Commission's launch of a CCUS forum, to host discussions on carbon capture utilisation and storage (CCUS) development, and the support that the EU innovation Fund has provided to projects. But he said several issues needed to be addressed.

"First, how to ensure more storage area, so capture projects can make investment decisions," he said. "Second, we need to enable cross-border transport of CO2 for storage."

Bilateral agreements are also needed on in line with the 2009 amended London protocol on cross-border CO2 transport, and countries need to ratify its amendments.

"We are carefully considering which topics such bilateral agreements should entail, based on existing international law and EU regulatory framework," Aasland said. "Sharing of infrastructure for CO2 transport and storage will save time and money in the transition towards a climate neutral industrial sector in Europe."

He also called for financial support mechanisms to be in place to help scale up the CCS market in Europe.

"While we all want and need CCS to become a profitable and cost-efficient climate technology, costs are still high. We need both public funding mechanisms and other funding sources," he said.