Climeworks Receives Funding For Large-Scale Direct Air Capture in Norway

Climeworks Receives Funding For Large-Scale Direct Air Capture in Norway - Carbon Herald
Source: Climeworks

Carbon removal leader Climeworks has been awarded government funding to explore the potential for Direct Air Capture and Storage (DAC+S) in Norway. 

The funding grant comes from Enova, a Norwegian state enterprise focused on clean energy, and is for the value of 26 million NOK (~$2.4 million), which will go towards a feasibility study for a large-scale DAC+S facility. 

This funding aligns with Enova’s “Preliminary Study Carbon Capture 2030” initiative, aiming to accelerate the development of carbon capture plants operational by 2030. 

Climeworks is one of nine projects chosen, with a combined capture capacity projected to reach 1.7 million metric tons of CO2 annually, nearly half of Norway’s passenger car emissions.

Norway: A Prime Location for Direct Air Capture

Climeworks’ DAC technology thrives on access to clean energy and secure, long-term storage for captured carbon emissions. 

Fortunately, Norway offers an ideal environment for both. With 98% of its electricity generated from renewable sources like hydropower, Norway boasts exceptional clean energy credentials. 

Relevant: Climeworks Enters Into 9- Year Carbon Removal Deal With LEGO Group

Additionally, the country is a frontrunner in geological CO2 storage solutions, with the potential to store vast quantities (gigatons) beneath the Norwegian Continental Shelf.

This project signifies a crucial step forward for Climeworks’ global expansion and leadership in responsible DAC+S implementation. 

The feasibility study paves the way for establishing Norway as a Nordic forerunner in carbon removal efforts, contributing significantly to the fight against climate change.

DAC Technology: In alignment with Norway’s climate goals

The Norwegian government actively explores methods to support large-scale carbon removal, aiming for multi-megaton capture capacity to achieve national climate targets. 

Enova’s dedicated funding underlines the growing importance of DAC technology in Norway’s climate strategy and its role in fostering a thriving green economy.

Relevant: Climeworks Announces New Headquarters In The US

This funding coincides with an independent study commissioned by the Norwegian Environment Agency, evaluating various economic support mechanisms for carbon capture. 

Climeworks applauds this governmental commitment to exploring the climate and economic potential of large-scale carbon removal in Norway. 

Effective public policy is crucial to achieve the substantial scaling-up of carbon capture solutions the world urgently needs.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Translate »
Total
0
Share