20. Carbon capture and storage (CCS)
Objective: Mitigate Climate Change
CO2 captured and safely stored
Increased knowledge and transnational cooperation on CCS
Relevance of support
Climate change is a major threat to global development and is at the top of the agenda in the EU and in Norway. The EU is taking decisive steps to promote the Low-Carbon Society through the Climate and Energy Package and the European Energy Programme for Recovery. These initiatives put increased focus on reduced climate gas emissions through renewable energy, energy efficiency and CCS. CCS is the single most promising technology for decarbonising the use of fossil fuels. Financing of CCS demonstration projects is crucial as the technology is in the early stages of development, and also due to the high cost of CCS, and the need to develop a commercially viable market for capture technology. The timing is also important, and 2010 will be a critical year.
The Norwegian Financial Mechanism will support EU efforts to fulfil obligations in the EU Climate and Energy Package such as the goal to establish up to 12 CCS demonstration projects by 2015 and to make CCS commercially viable by 2020. The support will also contribute to paving the way for the implementation of European Strategic Energy Technology Plan (SET plan) intentions in the CCS area.
Interventions under the programme area for CCS will be identified in close cooperation with the European Commission and the relevant Beneficiary States.
Support will primarily be provided for one or more of the EU CCS demonstration projects in the Beneficiary States
Related activities such as awareness building campaigns, CCS research, development and demonstration activities on various aspects of the CCS chain
Cooperation and sharing of experiences between national authorities
Programme area specificities
€160 million of the total Norwegian Financial Mechanism should be allocated to this programme area
Not expected to be a programme area in all Beneficiary States