Denmark plans to store CO2 in empty oil tanks

as if Frances Schwartzcoff On 8/17/2021

(Bloomberg) – With the approval of new stakeholders, a step has been taken to launch a Danish project to store CO2 in oil and gas reserves in the North Sea.

Twenty-nine companies, research institutes and universities have agreed to support the next phase of the Greenstone project. Supported by the first four members of the project, including Maersk Drilling A / S and INEOS Energy, the area is physically strong enough to store emissions and needles can be inserted into the sandstone.

Denmark has some of Europe’s toughest targets to reduce emissions, with a target of 70% to reduce its carbon footprint by 2030, compared to 1990 levels. The Greenwich project area is large enough to hold all of CO2 in Denmark. He suggested that it be removed from the atmosphere during the climate change program.

The government also wants the Nordic country, a major subsidiary of the global wind turbine industry, to become a link in green technology. Carbon prices are rising, and if used to reduce emissions from heavy industry pollution, the market could catch up to $ 2 trillion, according to Credit Suise Group AG.

According to the statement, members of the Greenstone Coalition will now apply for assistance with the Danish Energy Programs for Financial Assistance. If approved, it could be tested on the site later this year to see if the idea works.

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