A political agreement has been reached on improved framework conditions for CCS in Denmark: the agreement has four main tracks focusing on the Danish framework and the European and international effort. In the agreement, the Danish state’s ownership in licences for carbon storage is also set at 20% going forward. Nordsøfonden will participate as a partner and manage the state’s interests in the carbon storage licenses awarded in the upcoming tender rounds for land and near shore sites. Nordsøfonden is already a partner with 20% in three existing storage licenses in the North Sea awarded in early 2023.
“We are pleased that Nordsøfonden’s share in the upcoming licence rounds has been set, and that clarity and transparency thereby is provided for licence applicants. Our task is to generate value for Danish society by exploiting the subsurface assets, and utilising the subsurface for carbon storage has a great potential”, says Birgitta Jacobsen, CEO.
The agreement states that CCS will be an important tool for achieving Denmark’s climate goal of 110% reduction of CO2 emissions in 2050.
“Denmark’s subsurface has storage capacity for CO2 captured both in Denmark and abroad. The central location of Denmark also means that we can become a European hub for carbon storage. Nordsøfonden would like to help develop this new business area, which in addition to contributing to achieving the climate goals potentially can create jobs and become a sound business for Danish society”, concludes Birgitta Jacobsen.
Nordsøfonden’s business has been heavily influenced by the recent geopolitical developments and the ongoing energy crisis. The increases in prices of oil and gas, combined with higher than anticipated production, contributed to profits for 2022 that were significantly higher than in 2021.
Read the Danish Ministry of Climate, Energy and Utilities’ News release on the agreement (Danish version only)
Read more on Nordsoefonden.dk