Norway offers tax credits for CCS
Norwegian engineering company TECO 2030 announced September 9 it had secured 4mn kroner ($462,300) in tax relief through the Research Council of Norway’s SkatteFUNN tax deduction scheme to develop carbon capture solutions for shippers.
“We are currently in the process of developing technological solutions that will enable ships running on fossil fuels to reduce their emissions and become more climate-friendly by capturing the CO2 that they would otherwise emit with their exhaust gases,” CEO Tore Enger said.
Along with US technology company Chart Industries, TECO 2030 said it was working to develop an onboard system that could store more than 90% of the CO2 emitted from a ship’s exhaust.
The project envisions storing that gas in liquid form for later storage in underground formations, or for industries that can use CO2. The company added that the project was in line with protocols set up by the International Maritime Organisation, dubbed IMO 2020, to limit emissions by using cleaner fuels or installing exhaust-cleaning systems called scrubbers.
The Norwegian government followed the announcement with a September 10 call for applications to develop two new carbon capture and storage (CCS) sites on its continental shelf, setting December 9 as the deadline.