EUR 140 million for carbon capture and storage in the EU

As part of Norway’s contribution to the EEA Financial Mechanisms, the Government will earmark EUR 140 million over five years for carbon capture and storage (CCS) projects in selected EU member states. This is part of the already allocated Norwegian contribution to the EU. The announcement was made by Prime Minister Stoltenberg today at the Government’s high-level conference Fighting Climate Change with Carbon Capture and Storage in Bergen.

• Live streaming from the conference

“The EU is a driving force in the development and implementation of CCS technologies. As part of our total contribution during the next period of the EEA Financial Mechanisms, Norway wants to earmark at least EUR 140 million over five years to support CCS projects in selected EU member states,” said Prime Minster Jens Stoltenberg.

“The world will need more energy in the years to come, not least in order to lift more people out of poverty. Studies show that in the short and medium term, a large share of the world’s energy supply will continue to be based on fossil fuels. At the same time, we must make deep cuts in global greenhouse gas emissions. Developing and promoting the diffusion of CCS technologies will be important in resolving this dilemma”, the Prime Minister said. 

“However, CCS alone will not be sufficient in our efforts to combat climate change. We must therefore increase investments in renewable energy and intensify efforts to promote energy efficiency”, Stoltenberg said.

“A new international climate regime should promote technology transfer and cooperation. CCS is essential for reducing global greenhouse gas emissions,” the Prime Minister added.