Norway launches 700M NOK fund to accelerate carbon capture projects by 2035
Norway’s state enterprise Enova has unveiled a major funding initiative to boost carbon capture and storage (CCS) projects. The programme, backed by at least 700 million NOK, will support businesses in cutting emissions through new infrastructure and technology. Officials describe it as a key step toward meeting national climate targets by 2035. The new scheme will fund both carbon capture projects and the construction of CO₂ reception terminals. These terminals aim to simplify storage access for small and medium-sized enterprises, helping them reduce emissions more efficiently.
Funding will be distributed through an auction system, with the first round planned for autumn 2026 or early 2027. This timeline depends on approval from the European Free Trade Association’s Surveillance Authority (ESA). Enova can also tap into the Climate and Energy Fund to cover larger tenders and annual bidding rounds. Since 2024, Enova has already supported 15 pilot CCS projects. Rune Holmen, the agency’s acting director, emphasised that the latest programme targets large-scale investments capable of delivering significant emissions cuts. The Norwegian Environment Agency has previously identified carbon capture and storage as the most effective tool for reducing the country’s greenhouse gas output by 2035. The 700 million NOK allocation comes from the Storting’s 2026 state budget, specifically earmarked for a carbon capture tender. Additional funds may be drawn from the Climate and Energy Fund if needed.
The programme will open its first auction within the next two years, subject to regulatory approval. Businesses and infrastructure developers will compete for funding to expand Norway’s carbon capture capacity. If successful, the initiative could play a central role in the country’s push to lower emissions by the mid-2030s.
