Our research shows: "Northern Lights" turns exhaust gases into a billion-dollar business

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The Vision at the End of the World

On Norway's rugged west coast, where fjords cut deep into the land and the Atlantic whips salty spray against rocks, a project is emerging that could become a turning point for Europe's energy future. On the Øygarden peninsula, near the port city of Bergen, gigantic, almost sculptural tanks rise into the sky. They store thousands of tons of liquid carbon dioxide - a project that has been almost completely unknown until now and which we have been able to comprehensively document through intensive independent research.

Here, in the Nordic solitude between wind, water and rocks, Norway is preparing to build a business that could revolutionize Europe's industry: the transport and permanent storage of CO₂. Under the name "Northern Lights," energy companies Equinor, Shell and TotalEnergies are developing, together with the Norwegian government, a kind of garbage collection service for industrial exhaust gases. The principle sounds simple and is technically complex: CO₂, for example from cement or fertilizer factories, is captured, liquefied and transported by tanker to Øygarden. There it flows through massive pipelines about 70 miles out into the North Sea to be permanently compressed in a 2,600-meter-deep reservoir of porous rock.

The first phase of the project was officially opened in September 2024 and is ready to store 1.5 million tons of CO₂ annually starting summer 2025. In March 2025, the partners announced financing commitments for Phase 2 - an additional investment of 7.5 billion Norwegian kroner (about 700 million US dollars), which will expand capacity to at least 5 million tons annually by 2028. Already the first phase is fully booked with customers from five different countries - a sign that demand for CO₂ disposal meets expectations.

The Business Model of Climate Transition - and Its Hard Realities

The operators see this as nothing less than Europe's economic future in the climate age. Because while oil and gas profits could decline in the long term, trade in CO₂ disposal offers new perspectives. Norway wants to use its geological and industrial expertise to become a hub for CO₂ storage. The government is investing massively: around 34 billion Norwegian kroner - equivalent to 3.3 billion dollars - flow into the construction of facilities and the first ten years of operation. These subsidies cover almost two-thirds of the costs. An additional 131 million euros come from the EU via the Connecting Europe Facility program, which sees the project as a blueprint for building a European CCS market - Carbon Capture and Storage.

For industry suffering under high CO₂ levies, Northern Lights could become a lifeline - but at a price that shows the limits of economic viability. The current CO₂ price in the EU is around 70 euros per ton. Northern Lights, however, charges between 107 and 207 euros per ton depending on the customer. This dramatic price range illustrates the complexity of the technology: Yara, the Dutch fertilizer manufacturer, benefits from highly pure CO₂ streams from methane steam reforming and pays the lowest price of 107 euros per ton. For Norcem (Heidelberg Materials) and other cement manufacturers, costs are 207 euros per ton - even under optimal conditions with waterside location and massive government subsidies, a multiple of market prices.

The cost breakdown reveals the economic challenges: capture costs range from 50 to 150 euros per ton, depending on process purity and technology. Ship transport adds another 30 euros, sequestration another 30 euros. Even for Yara with the most favorable conditions - highly pure CO₂ streams, direct waterside location, no traversing of densely populated areas - CO₂ disposal costs over 100 euros per ton. For all other plants in Europe that don't have these success conditions, costs will rise exponentially.

According to our research, off-take agreements are currently being negotiated with cement plants in Norway and the Netherlands, with Swedish energy supplier Stockholm Exergi for 900,000 tons of biogenic CO₂ annually over 15 years, and with Danish green power plants from Ørsted for 430,000 tons annually. Already now, the first specialized tankers, built in China and equipped with futuristic rotor sails for fuel savings, are transporting the climate-damaging cargo to the Norwegian coast.

The Uncomfortable Truth of Science

But behind the technical elegance lies a sobering scientific reality. A study published in 2024 in the prestigious journal Nature Climate Change analyzed the feasibility of CCS based on historical trends and current plans. The result is alarming: only 10% of 1.5°C-compatible and 44% of 2°C-compatible climate pathways show realistic CCS capacities for 2040. Most climate models that rely on CCS are simply unrealistic.

Even more drastic is the finding of the Intergovernmental Panel on Climate Change (IPCC): due to financial, contractual and institutional barriers, global deployment of CCS technologies by 2050 is unlikely to store underground more than 5 billion tons of CO₂ per year - far less than the up to 10 billion tons that many climate models assume. To achieve these goals, the equivalent of the world's currently largest CCS plant would have to be built every week until 2050 - a technically and economically impossible undertaking.

The historical record is even more sobering: despite decades of development and billions of dollars in subsidies, not a single CCS project worldwide has achieved its targeted CO₂ capture rate. Although the industry considers a 95% capture rate feasible, existing projects achieve a maximum of 80% - and those are the most successful ones. Worldwide, there are only 30 commercial CCS projects that capture a total of about 42.5 million tons of CO₂ per year - less than 0.2% of the necessary emission reduction to close the emission gap by 2030.

The IPCC classifies CCS in the energy sector as one of the most expensive and least effective mitigation technologies. Critical analyses show that CCS in some cases can even produce more emissions than it sequesters when considering the entire life cycle - an aspect that many studies deliberately ignore.

The Production of Low-Carbon Cement - A Cost Shock

The production of low-carbon cement, for example, costs a multiple of conventional material. Heidelberg Materials, the German company behind the plant in Brevik, puts the production costs of so-called Evozero cement at three times that of standard goods - even though the product is chemically identical. Only a premium for climate-friendly building materials and political support can currently sustain the model. Despite the 207 euros per ton costs for CCS and massive subsidies from start to finish of the CCS chain, it becomes clear that there is no economic model without government support.

The Geological Foundation - Europe's Underground Hope

However, scientific studies confirm enormous theoretical potential for CO₂ storage under the North Sea. A comprehensive study of 441 potential fields revealed a storage capacity of about 440 billion tons with a possible injection rate of 22 billion tons per year. The United Kingdom could store more than 230 billion tons of CO₂ over 30 years - 20 times its current emissions. The Netherlands has a potential of 147 billion tons, while Denmark could store about 4 billion tons from 13 oil and gas fields over three decades.

European research projects show that the Nordic region accounts for 59% of the total mapped European storage capacity of 358 billion tons. Overall, the 418 identified saltwater aquifer storage units in Europe could achieve a total storage capacity of 482 billion tons - theoretically enough to absorb European emissions for over three centuries.

In Germany, scientists have mapped 71 potential storage sites in the German North Sea sector. The estimated cumulative static storage capacity of these structures is between 902 million tons (P10) and 5.5 billion tons (P90), with a mean value of 2.6 billion tons. Detailed studies revealed different capacities depending on geological formation: 0.15 billion tons for the Middle Jurassic, 12.2 billion tons for the Middle Buntsandstein and 2.3 billion tons for the Upper Rotliegend.

The Norwegian government sees a business model for the post-fossil era in the combination of oil industry experience and geological storage. Experts estimate the storage capacity under the Norwegian seabed at up to 100 billion tons of CO₂, of which 1.5 to 8.3 billion tons in the German sector alone - enough for annual storage of 20 to 40 million tons of CO₂, once the required legal framework is created.

Transferability: A European Dilemma

The transferability of the Northern Lights model to other regions must be considered in a differentiated way. A comprehensive study by the Clean Air Task Force shows that the vast majority of European countries have good potential for CO₂ storage, with only Estonia, Finland and Luxembourg lacking suitable geology. Belgium, Austria and Slovenia show very limited capacities.

But geological conditions alone are not enough. Detailed transport analyses show dramatic regional differences: in a scenario with priority use of domestic storage until 2050, 21% of emissions (64 million tons of CO₂ per year) would fall on storage sites in the Adriatic - equivalent to only 23 to 100 years of theoretical capacity in Northern Italy. This illustrates that even in geologically favorable regions, bottlenecks could quickly arise.

The development of additional export locations does not significantly reduce transport distances. By 2050, land-based networks to Rijeka (Croatia) and in East Germany to the Rostock hub should be established to reduce transport costs for individual emitters by utilizing economies of scale. However, for emitters in Southern, Central and Eastern Europe, transporting their CO₂ to the North Sea would put them at a significant competitive disadvantage or become prohibitively expensive.

Environmental Risks and Safety Concerns - The Dark Side of Technology

While the geological stability of Norwegian storage sites is assessed as high, transport and storage of CO₂ carry significant risks. Field studies led by the GEOMAR Helmholtz Centre for Ocean Research in Kiel show that annual leakages could amount to only a few tons of CO₂. These leaks tend to occur at old boreholes and could be prevented with proper cementing. Compared to the total quantities of about 100 million tons of CO₂ to be injected into a storage site, the possible leakage rates of 1 to 10 tons per year are negligible - over 99% of the stored CO₂ would remain permanently underground.

Nevertheless, real incidents show the dangers of CO₂ transport. The Satartia, Mississippi accident in 2020 illustrates the risks: a CO₂ pipeline rupture released a dense CO₂ cloud that rolled downhill, displacing air. Cars stopped because engines could no longer get oxygen. People collapsed where they stood, gasping for air. 45 people had to be hospitalized. And this happened in a rural area with open spaces and low population density - Satartia's population is only 46, and the town was 1.6 kilometers from the pipeline.

Ørsted's Avedøre plant plans to send about 215,000 tons of captured CO₂ per year to its Asnæs hub. This volume equals about 590 tons of dense phase CO₂ flowing daily through a special high-pressure pipeline expected to operate at 100 to 150 bar. A complete pipe rupture could quickly release hundreds of tons of CO₂, creating a cold, dense gas cloud that could remain at ground level and displace oxygen. Such incidents raise serious questions about safety in densely populated European areas.

The transport and storage of carbon dioxide requires a massive network of dangerous pipelines connected to underground injection sites. Pipelines can leak or rupture; compressed CO₂ is highly dangerous when released and can cause suffocation of humans and animals. Underground storage carries additional risks such as potential leaks, contamination of drinking water and stimulation of seismic activities.

Since CCS plants require about 15-25% more energy, depending on the technology used, plants with CCS must consume more fuel than conventional plants. This can lead to increased "direct emissions" at sites where CCS is installed, and increased "indirect emissions" from extraction and transport of additional fuel. CCS can therefore lead to a net increase in air pollution, although pollution control equipment can mitigate this - however, no equipment can eliminate all pollutants.

Studies that consider both upstream and downstream impacts show that adding CCS to power plants increases overall negative impacts on human health. Liquid amine solutions used in many CCS systems for CO₂ capture can be released as air pollutants if not properly controlled. Among the concerning chemicals are volatile nitrosamines and nitramines, which are carcinogenic when inhaled or consumed in water.

Socioeconomic Justice - Who Bears the Burdens?

The development of CCS infrastructure brings new burdens to already disadvantaged communities. The US Gulf Coast, including the petrochemical corridor in Louisiana known as "Cancer Alley," the northern plains and California's Central Valley, as well as the provinces of Alberta and Saskatchewan in Canada, are among the areas being targeted for CCS development. Such expansion would impose new pollution and safety hazards on Black, Brown and Indigenous communities that already suffer the disproportionate and deadly impacts of environmental racism.

CCS plants are expected to cause new water burdens as additional water quantities are needed for chemical and physical processes for CO₂ capture and separation. The parasitic loads imposed on power plants by carbon capture reduce their efficiency and therefore require more water for plant cooling. Groundwater contamination from CO₂ leakage during geological sequestration is an additional concern when adapting CCS in power plants.

Environmental justice groups are often concerned that CCS is being used as a means to extend a plant's lifespan and continue the local harm it causes. Often, community-based organizations would prefer that a plant be shut down and investments instead focused on cleaner production processes like renewable energy.

The Political Architecture of a New Industry

Europe currently has over 45 commercial capture plants in operation with a total annual capture capacity of more than 50 million tons of CO₂. The European Union has provided around 1.5 billion US dollars for CCUS projects under the latest Innovation Fund round and over 500 million US dollars for CO₂ transport and storage projects under its Connecting Europe Facility program. Other notable funding for CCUS projects occurred in the Netherlands (7.3 billion US dollars) and Denmark (1.2 billion US dollars).

Japan is quickly advancing its CCUS efforts, with the selection of seven major projects to capture and store about 13 million tons of CO₂ per year by 2030. Countries are establishing cross-border agreements: Denmark, Belgium, the Netherlands and Sweden each signed an agreement on cross-border transport of CO₂ with Norway in April 2024, enabling transport and storage of CO₂ between countries.

Several countries currently have de facto bans on CO₂ storage or incomplete regulatory frameworks that make storage development challenging or impossible. Storage sites will also struggle in areas without clear strategies for promoting and coordinating CO₂ capture plants and transport networks.

Northern Lights in Global Context - An Anomaly or a Model?

Northern Lights thus stands at the forefront of a new industry that requires massive government support. Almost all CCS projects currently in operation have benefited from government financial support, mainly in the form of capital grants and - to a lesser extent - operating subsidies. Without government-supported Norwegian projects and generous EU co-financing for Stockholm Exergi and Ørsted, it is unclear whether Phase 1 would have reached financial closure. The economics of CCS remain finely balanced.

The IPCC recognizes that CCUS faces "technological, economic, institutional, ecological-environmental and socio-cultural barriers," so current CCUS deployment rates are far below those in most scenarios that limit global warming to 1.5 or 2 degrees Celsius. IPCC scenarios show a wide range of possible CCS implementations: by 2030, CCUS applied to fossil fuels could reduce CO₂ emissions by 0-5 billion tons, with a median of 1 billion tons. By 2050, this range is 0-13 billion tons with a median of 2-3 billion tons - meaning that by 2050, about 6% of the mitigation needed for net zero could come from CCUS.

Technological Innovation in the Shadow of Doubt

Despite all criticism, Northern Lights shows impressive technological innovations. The specially developed CO₂ transport ships with rotor sails, the 100-kilometer underground pipeline infrastructure and the precise geological characterization of the Johansen storage reservoir set new standards for the industry. Northern Lights has reached an agreement with NORSAR on a cost-effective solution for monitoring CO₂ storage with technology developed in Norway. This monitoring is intended to convince authorities and the public that the storage site maintains its integrity throughout the entire injection and long-term storage phases. Equinor has already expressed ambitions to develop additional storage licenses in the North Sea to build common, pipeline-based infrastructure that can contribute to significant cost reductions for CCS value chains. The company aims to capture 25% of the European market by 2035 as a trusted partner in decarbonizing industry and energy.

A critical aspect often overlooked is the temporal discrepancy between regulatory requirements and the actual persistence of CO₂. Current US federal regulations, for example, only require CO₂ storage for 50 years to qualify for subsidies. But CO₂ persists in the atmosphere and environment on geological timescales - for hundreds or even thousands of years. Considering CO₂ injected underground or used in the manufacture of plastics, cement or other goods as permanently safely contained is irresponsible at best.

This discrepancy between regulatory requirements and actual long-term responsibility raises fundamental questions about sustainability and justice toward future generations. Who will be responsible for potential leaks or environmental damage in 100 or 200 years?

The Paradox of "Hard-to-Avoid" Emissions

Northern Lights positions itself as a solution for "hard-to-avoid" emissions from cement, steel and chemical industries. But the definition of what is "hard to avoid" shifts with technological advances. Companies like Sublime Systems are developing electrochemical approaches to cement production that generate a 10 bar cold CO₂ stream from the conversion of limestone to quicklime - making capture even easier and cheaper. The irony is that these technological breakthroughs could make CCS obsolete before it establishes itself as an economically viable solution. Investments in CCS infrastructure could prove to be a dead end if more direct decarbonization approaches become faster and more cost-effective.

Economic Realities Beyond Subsidies

Analysis of the cost structure of Northern Lights' five Phase 1 customers reveals the fundamental economic challenges of CCS. Yara literally represents the best possible case for CCS: its process emissions from methane steam reforming are very pure, making capture as cheap as possible. The company is located directly on water, so its CO₂ doesn't have to traverse densely populated areas - something that would likely shut down all CO₂ pipelines. The end-to-end system is heavily subsidized. Nevertheless, it still costs over 100 euros per ton for waste disposal. The shipping component already adds significant costs per ton, but offshore sites that are further away will cause significantly higher costs per ton for sequestration. The Johansen Formation is relatively close to shore and comparatively shallow - 100 kilometers of underwater pipelines and then two kilometers down were not remotely cheap, but this is about as cheap as offshore sequestration sites will get. The Kairos@C project is designed to capture 1.5 million tons per year from multiple industrial plants in the port of Antwerp. Although technically mature and partially funded by the EU Innovation Fund, the consortium, which includes BASF, Air Liquide and TotalEnergies, is now exploring domestic storage options. They cite the potential of depleted gas fields in the North Sea closer to Belgium as an alternative to transporting CO₂ to Norway. This shift or withdrawal removes a high-volume customer from Northern Lights' early portfolio.

The Limits of Global Scaling

From a purely economic standpoint, CCS makes no sense. Economists and energy analysts note that CCS projects are "prohibitively expensive compared to other greenhouse gas emission mitigation options, such as renewable energy and energy storage technologies." Adding CCS to a fossil-fueled power plant inevitably makes operating the underlying source more expensive. Implementing CCS involves multiple technologies that are highly site-specific, limiting the industry's ability to reduce costs through learning-by-doing. CCS implementations can only be used with large, stationary emission sources and therefore cannot reduce emissions from burning fossil fuels in vehicles and households.

The International Energy Agency describes "excessive expectations and dependence" on CCS and direct air capture as a common misconception. To achieve the goals set in the Paris Agreement, CCS must be accompanied by a steep decline in the production and use of fossil fuels. The public generally has low awareness of CCS. Public support among those aware of CCS has tended to be low, especially compared to public support for other emission reduction options. A common public concern is transparency, e.g., regarding questions such as safety, costs and impacts. Another factor for acceptance is whether uncertainties are acknowledged, including uncertainties about potentially negative impacts on the natural environment and public health. Research shows that comprehensive community engagement increases the likelihood of project success compared to projects that do not engage the public. Pipeline construction often involves establishing work camps in remote areas. In Canada and the United States, oil and gas pipeline construction in remote communities is associated with social harm, including sexual violence, and this history has led some Indigenous communities to oppose the construction of CO₂ pipelines.

The European CCS Landscape in Transition

Despite the challenges, a considerable CCS pipeline has developed in Europe. Germany made its return to CCUS with the publication of its carbon management strategy, which identifies CCUS as crucial for achieving the country's carbon neutrality goals by 2045. The first Dutch transport and storage project Porthos reached a final investment decision to begin injection of 2.5 million tons of CO₂ per year into offshore gas fields in 2027. In the Netherlands, the SDE++ system awarded over 7.3 billion US dollars to CCS projects that will connect to the massive Aramis CO₂ transport and storage network. In Denmark, Ørsted received 1.2 billion US dollars from the CCUS fund for its capture retrofit project at the Asnæs power plant. Nevertheless, project cancellations show the fragility of the market. Of 149 CCS projects that were supposed to store CO₂ worldwide by 2020, the majority were either cancelled or postponed indefinitely - mainly due to incredibly high costs and technological challenges.

An often overlooked aspect of CCS is the significant impact on water resources. CCS plants require about 15-25% more energy, depending on the technology used, meaning plants with CCS need more fuel than conventional plants. This leads not only to higher direct emissions but also to increased water demand for cooling processes. Additionally, the chemical and physical processes for CO₂ capture and separation require additional water quantities. In water-scarce regions, this could lead to conflicts between energy production and other water uses. Groundwater contamination from CO₂ leakage during geological sequestration poses an additional risk to freshwater resources. Northern Lights has implemented advanced monitoring systems, but long-term responsibility remains unclear. Commercial CO₂ storage is a new business area with immense potential, but it is crucial to build trust from day one. Monitoring is intended to convince authorities and the public that the storage site maintains its integrity throughout the entire injection and long-term storage phases. But what happens after decades or centuries? Who will be responsible for monitoring when the operating companies no longer exist? These questions are not just theoretical - they concern the foundations of intergenerational justice and sustainable development.

The IPCC's Sixth Assessment Report, which examined over 200 mitigation scenarios that could limit warming to 1.5 degrees Celsius, found that there are no scenarios in which CCUS would enable continued use of fossil fuels at current levels, let alone expanded oil and gas production. In the energy transition, there is compelling evidence that the negative climate, environmental and health impacts of adding carbon capture to fossil fuels are significantly greater than simply replacing fossil fuels with clean alternatives. Attempting to "save" these soon-to-be-obsolete power plants with CCS is as economically poorly justified as it is environmentally harmful.

Global Perspectives and Justice

While Europe and North America invest billions in CCS, developing countries often lack access to these expensive technologies. This could lead to a new form of climate injustice where rich countries continue to use fossil fuels while demanding that poorer countries pursue more direct decarbonization pathways. At the same time, CCS enables in practice what is called "moral hazard" - the continuation of environmentally harmful practices under the guise of technological solutions. This could delay the urgently needed systemic transformation to renewable energy and sustainable practices. Northern Lights stands as an example of the tension between technological innovation and path dependence. On one hand, the project shows impressive engineering achievements and could lay the foundation for a new industry. On the other hand, it ties up enormous resources in a technology that may be overtaken by more direct solutions. The danger is that high upfront investments in CCS infrastructure lead to a "sunk cost fallacy" - the irrational continuation of a strategy because of investments already made, instead of switching to better alternatives. The world's climate emergency requires immediate and dramatic reductions in greenhouse gas emissions, which are only possible with significant investment of public resources in proven mitigation measures, starting with eliminating the use of fossil fuels and ending deforestation.

CCS technologies are not only unnecessary for the rapid transformation required to keep warming below 1.5 degrees Celsius, they also delay this transformation and provide the fossil fuel industry with a license to continue polluting. The unproven scalability of CCS technologies and their unaffordable costs mean they cannot play a significant role in the rapid reduction of global emissions necessary to limit warming to 1.5°C.

Between Vision and Reality

Our comprehensive on-site research shows a project hovering between vision and bet. At first glance, Northern Lights appears as a triumph of engineering, a silent monument to European will to combat climate change. The technical excellence is undeniable: from the rotor sail-equipped transport ships to the 100-kilometer underwater pipeline to the precise geological characterization of the 2,600-meter-deep storage reservoir in the Johansen Formation, the project sets new standards in an emerging industry. On second glance, however, a billion-dollar risk reveals itself that can hardly survive without permanent political support and an industry willingness to pay that goes far beyond market prices. The cost analysis is sobering: even under optimal conditions - highly pure CO₂ streams like Yara's, direct waterside location without traversing dense settlements, massive government subsidies from capture to storage - prices range between 107 and 207 euros per ton, far above current EU certificate prices of 70 euros

The scientific evidence is mixed but predominantly skeptical. While the North Sea's geological storage capacity of 440 billion tons could theoretically absorb European emissions for centuries, feasibility studies show that only 10% of 1.5°C-compatible climate scenarios show realistic CCS capacities for 2040. The historical record is even more sobering: despite decades of development and billions in subsidies, not a single CCS project worldwide has achieved its targeted capture rates.

Transferability to other regions remains fundamentally limited. While many European countries have geological storage potential - Germany alone with 71 identified sites and up to 12.2 billion tons capacity in Buntsandstein - most lack Norway's favorable framework conditions. Southern European countries would quickly reach capacity limits, with only 23-100 years of theoretical capacity in Northern Italy despite Adriatic storage. Safety risks are real and unresolved. The 2020 Satartia accident with 45 hospitalizations after a CO₂ pipeline rupture shows the dangers for densely populated European areas. At the same time, CCS exacerbates local environmental problems as the technology requires 15-25% more energy, thereby increasing both air pollution and water consumption.

Nevertheless, Northern Lights could represent a necessary bridging technology for certain industries. For cement plants like Heidelberg Materials' in Brevik, fertilizer producers like Yara and other "hard-to-avoid" emission sources, the project offers a path to decarbonization - albeit an expensive and uncertain one. The cross-border dimension with customers from five countries makes it an important test case for European climate cooperation. The irony is that Northern Lights may be overtaken by more direct solutions before it establishes itself as economically viable. Innovative approaches like Sublime Systems' electrochemical cement production or rapid cost reductions in renewable energy could make CCS obsolete. High upfront investments in CCS infrastructure carry the risk of a "stranded assets" situation. Should Northern Lights succeed and establish itself as a cost-effective, safe solution, Norway could indeed become the hub of the European CO₂ economy and develop a new business model for the post-oil era. Phase 2 expansion to 5 million tons annually with investments of 7.5 billion NOK and the already fully booked Phase 1 suggest that at least immediate demand exists. Equinor's ambition to capture 25% of the European CCS market by 2035 shows the commercial potential.

If it fails, however - due to technical problems, exponentially rising costs, political reversals or public resistance to infrastructure - Øygarden remains an expensive monument to how uncertain hope for technological climate solutions can be. In a climate emergency requiring immediate and drastic emission reductions, Northern Lights could prove to be an expensive distraction from proven and more cost-effective solutions: massive expansion of renewable energy, electrification of the economy and systemic transformation of our energy systems. The truth probably lies somewhere in between. Northern Lights will be neither the hoped-for climate revolution nor a complete failure. It will rather be another, costly puzzle piece in the complex, multi-layered process of decarbonization - technically brilliant, politically desired, economically questionable and climatically insufficient. The crucial question is not whether CCS works, but whether Europe can afford to invest billions in this expensive and uncertain technology while more proven, cheaper and more scalable alternatives are available.

In the end, Northern Lights stands as a symbol of the ambivalence of European climate policy: technologically impressive, but possibly an expensive detour on the path to climate neutrality. A project that could bury Europe's future - in both positive and negative senses. The answer will emerge in the coming years when the first CO₂ shipments are sunk in Norwegian waters and the world watches whether this vision becomes reality or this bet becomes a costly mistake.

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