Capturing, transferring, and storing CO2 emissions is critical to slowing climage change

The joint venture founded by oil firms Equinor (EQNR.OL), TotalEnergies (TTEF.PA) and Shell (SHEL.L) plans to inject CO2 from industrial plants into rock formations beneath the North Sea ocean floor.

The deal is the first commercial agreement Northern Lights has signed and the first commercial agreement on cross-border CO2 transport and storage signed anywhere in the world.

Under the deal, 800,000 tonnes of CO2 per year will be transported on ships from the Netherlands from early 2025. By comparison, Norway emits about 50 million tonnes of greenhouses gases per year.

"We are proving that this actually works," Shell CEO Ben van Beurden told a news conference. "The fact that it can is a major breakthrough because this is now a pathfinder project for similar projects in Europe."