Why Norway and the US are leading the way in this game-changing technology | Transforming Business

Carbon capture and storage is a hot topic right now — including in Germany, where the technology is still banned. The U.S. and Norway, by contrast, have been using CCS for decades. The oil and gas industries there have amassed a great deal of know-how regarding the capture and storage of CO2. Both countries are now looking to ramp up the technology with tax incentives and subsidies, in the U.S. by way of the Inflation Reduction Act and in Norway by way of the prestigious Longship project. And now Germany is also set to change course, announcing plans to implement the technology in ‘hard to abate’ sectors. Those include the cement, chemicals and steel industries, for which there is no technological solution to achieve climate neutrality. So how does CCS actually work? Is it an effective technology at reducing emissions? What are the U.S. and Norway doing to incentivize the technology? And did Germany make a mistake with its more hesitant strategy?

Chapters
0:00 Intro
0:57 How does Carbon Capture and Storage work?
1:43 CCS for ‘hard-to-abate’ industries
2:47 Banned in Germany
3:41 The Norwegian example
4:50 The Northern Lights project
6:30 Carbon Capture and Storage in the U.S.
7;33 The role of oil and gas companies
8:27 What do Europeans think?
9:38 What’s changing in Germany?
10:57 What are the risks of CCS?
11:52 Outro