Core Sustainability Capital (CS Capital), in partnership with Fidelis New Energy, announces a strategic investment in the Norne Carbon Storage Hub. The initiative, backed by Danish pension fund Velliv, focuses on safe, permanent, and economical CO2 storage in Denmark.
Norne: A Decisive Step in Decarbonization
Norne aims to provide eco-friendly CO2 transportation and permanent storage, contributing to Denmark’s decarbonization efforts. The project, designated a Project of Common Interest by the European Union (EU), focuses on Carbon Capture and Storage (CCS). It commenced engineering, investment, and development in mid-2021, with a goal to safely store CO2 by mid-2027.
EU Recognition and Ambitious Targets
The EU recognizes Norne’s significance as a priority infrastructure project with substantial EU impact. Norne aspires to store over 30 million tons of CO2 annually by 2030. This aligns with EU’s vision for CCS to reach 50 million tons of CO2 stored annually in 2030 and 550 million tons in 2050.
CS Capital’s Climate Impact Investment
The investment in Norne aligns with CS Capital’s strategy, focusing on climate impact companies and projects supporting the green transition. It addresses challenges in hard-to-abate industries, such as chemicals, district heating plants, and cement production, contributing to Danish and international strategies for a sustainable future.
Per Frederiksen, Managing Partner in CS Capital, emphasizes the vital role of Norne in the green transition and its potential to capture over half of Denmark’s yearly CO2 emissions once fully operational. Velliv’s CIO, Anders Stensbøl Chistiansen, highlights Velliv’s strategy to invest in companies contributing to the goals of the Paris Agreement, making the Norne investment a testament to this commitment. Fidelis CEO, Daniel J. Shapiro, expresses excitement about Core Sustainability Capital’s partnership, emphasizing Norne’s strategic importance in carbon reduction for Danish and European economies. The collaboration aims to position Denmark as a leader in carbon storage.
The investment in Norne reflects the collective efforts of CS Capital, Velliv, and Fidelis in advancing sustainable solutions and driving impactful change in the energy landscape.
Source：prnewswire.com
