Norway donor to new trust fund for carbon capture and storage

Norway will be the largest contributor to the World Bank’s new trust fund to help developing countries build up expertise on carbon capture and storage (CCS).

“If the world is to achieve necessary climate goals, it is essential that developing countries make use of climate-friendly technology. Norway will therefore now provide NOK 35 million for a new World Bank trust fund to help developing countries build up expertise on carbon capture and storage,” said Minister of the Environment and International Development Erik Solheim. 

According to the agreement on climate policy between the main political parties, Norway will use its development policy to mitigate climate change by promoting CCS. 

The new trust fund, which was set up on 3 December, is the result of cooperation between Norway, the World Bank and the Global CCS Institute in Australia. 

“It was crucial to get the fund established before the UN Climate Change Conference in Copenhagen. New technology is essential to enable large emerging economies such as China, India and South Africa to cut emissions sufficiently in the future,” said Mr Solheim. 

Coal-fired power plants may account for nearly half of the world’s power production 20 years from now. CCS technology can help to reduce emissions from these plants by as much as 85-95 percent. To make this possible, developing countries need to develop the necessary policies and legislation. 

“Technological cooperation plays an important role in promoting development and at the same time in reducing greenhouse gas emissions. The establishment of the new trust fund sends a clear signal to developing countries that we wish to facilitate cooperation on CCS,” said Mr Solheim.