The barriers have been proven to be of commercial, regulatory and technical in nature. In other parts of the world, CCS is realised but in these locations CO2 has typically been used for increased oil extraction. Today, the technology is considered to be ready, but the commercial barriers, in particular, have proven difficult to overcome in our part of the world.
If Norway is successful in realising a full-scale CCS chain, this will demonstrate that CO2 handling is possible and safe within the current European regulations. The International Energy Agency (IEA) has repeatedly pointed out that Norway can play an important role as a pioneer, and that this may encourage other countries to follow. The demonstration of CCS as a climate initiative can give the following effects:
- Countries that have written off CCS as a climate initiative may once again add CCS into their climate plans and make funding available.
- The authorities can set stricter climate requirements through procurement, etc. because CCS makes the production of emission free products possible.
- Companies looking to position themselves in anticipation of stricter climate regulations can count on CCS as a tool.
- Industries who produce products that can lower their CO2-footprint through utilizing CCS can develop business models to capture the increased market value
The value of increasing confidence in CCS as a climate initiative is considered to be significant globally, as CCS provides an optimal way to achieve global climate goals.