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Source: Bloomberg
Published: June 2020

Norway’s Carbon Capture

Circulated: July 20, 2020

Norway is on track to become the world’s top destination for carbon capture infrastructure. Lawmakers will decide this year whether to contribute the majority of funds for a $2.6 billion project to bury carbon dioxide emissions under their seabed.

  • In early trials, carbon dioxide emissions from a cement factory and a power plant would be compressed and buried beneath the seabed.
  • At $140 per metric ton, the project would run five times the current price for diverting carbon dioxide emissions from the atmosphere.
  • Norway’s investment would pale in comparison to government subsidies currently provided to purchasers of electric cars, an expenditure that amounts to $1,350 per ton of carbon dioxide suppressed.

Bonus: an illustration of the carbon capture process.

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