Finland and Norway plan to cooperate in carbon capture and storage (CCS). Environment and Climate Minister Kai Mykkänen (NCP) agreed on a preliminary deal in a virtual meeting on Friday with Norway's Minister of Petroleum and Energy, Terje Aasland.
The controversial concept of technological carbon sequestration is a key focus of the current government’s climate policy.
The idea is to collect carbon dioxide emissions directly from forest industry and bioenergy plants and ship them to Norway, where the carbon would be permanently stored under the seabed. The project would have to be approved by the Finnish Parliament.
The agreement between the states enables Finnish companies to start transportation and storage.
"Finland has a lot of potential in the capture and use of biogenic carbon. In addition, we want to make it possible to store carbon dioxide permanently. The cooperation to be launched with Norway will improve the conditions for the clean growth of companies and for the development of technological solutions," Mykkänen said in a press release on Friday.
Norway is the closest place to Finland where permanent storage of carbon dioxide is possible. Finland's own soil is not suitable for permanent storage of CO2.
Finland’s Nordic neighbour has more than a quarter-century of experience with undersea storage of carbon dioxide, which it converts into liquid form before injecting it into geological formations.
"We have capacity to store large amounts of CO2 on the Norwegian Continental Shelf which can provide a service and market opportunity for emissions in Europe," said Aasland, whose country is Europe’s largest fossil fuel producer.
Timetable, budget and benefits uncertain
The timetable and budget for the project are unclear. The Finnish environment ministry said that the two countries will sign a memorandum of understanding after various procedures related to international agreements are completed. According to the ministry, in Finland this will include parliamentary approval.
The benefits of CCS remain uncertain. For example, according to a study of two Norwegian CCS projects published last year by the Institute of Energy Economics and Financial Analysis, the technology is costly, energy-intensive and problematic, with concerns about CO2 leakage.
In late August, a consortium of environmental groups sued the government of PM Petteri Orpo (NCP) over what they consider insufficient action to limit climate change.
In June, the government’s annual climate report said that Finland will fall short of its climate targets under current measures, as confirmed by Mykkänen.
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