Yara (YAR.OL), the company that manufactures fertilizer, announced on Monday that it has signed a contractual agreement to absorb carbon dioxide emissions from its Dutch ammonia facility and transfer them to the Norwegian North Sea, where they would be stored deep beneath the seabed.
The Norwegian company stated that over 15 years, the carbon capture and storage project, also known as CCS, will reduce CO2 emissions by 800,000 tons annually.
According to Yara, this will likely be the first time that CO2 will be carried across international boundaries to be stored by one country on behalf of another. The anticipated start date for operations is 2025.
Before the Northern Lights transport it, the carbon dioxide will liquefy at the Sluiskil plant. On Norway’s continental shelf, 2.6 kilometers (1.6 miles) below the ocean’s surface, is a permanent storage facility that belongs to Equinor (EQNR.OL), TotalEnergies (TTEF.PA), and Shell (SHEL.L).
“This is a milestone for decarbonizing the hard-to-abate industry in Europe, and for Yara, it’s an important step towards decarbonizing our ammonia production, product lines, and the food value chain at large,” said Svein Tore Holsether, the company’s CEO.
Yara’s initiative to establish a groundbreaking CO2 storage facility beneath the Norwegian seabed epitomizes a remarkable fusion of environmental consciousness and technological prowess. This venture underscores the transformative potential of innovative engineering in combating climate change, heralding a new era of sustainability in a world grappling with the challenges of carbon emissions.