Denmark pushed the button Wednesday on an ambitious project that aims to bury vast amounts of planet-heating carbon dioxide gas beneath the North Sea floor, in the hope that it can help the Nordic nation and others meet climate targets.
An international consortium including chemicals giant INEOS and gas and oil producer Wintershall Dea said Project Greensand in Denmark's North Sea will be the world's first cross-border carbon storage project.
In a recent report, the United Nations Intergovernmental Panel on Climate Change said carbon capture and storage technology has to be part of the range of solutions to reduce emissions and cap global warming at 1.5 C compared with pre-industrial times. Bruce Robertson, an analyst with the Institute for Energy Economics and Financial Analysis, said the technology for sequestering carbon was first developed in the 1970s to help boost oil production. By pumping gas underground, fossil fuel companies could force more oil and gas out of existing wells.
Energy company Equinor has successfully stored carbon in two reservoirs off the coast of Norway but had to stop a project in Algeria because carbon dioxide "started going all over the shop," said Robertson. Robertson noted that a large amount of energy is also needed to capture and bury the CO2, most of which comes from industrial processes or fossil fuel extraction. And it does nothing to remove the carbon dioxide released from burning fuel -- such as in cars or home heaters -- which makes up the majority of emissions.
"We often see oil and gas companies issue lofty announcements about breakthrough projects, but the reality is that if the company does not concurrently rein in production, their greenhouse gas emissions will continue to grow and the world's 1.5 C goal will get harder and harder to reach," she said.
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