NEWS

OSLO (Reuters) – Norway’s Equinor signed preliminary agreements on Thursday with seven potential industrial customers for its project to develop carbon dioxide storage under the North Sea, a crucial step toward securing state funding.

The project, called Northern Lights and led by Equinor in partnership with Shell and Total, is part of the country’s efforts to combat climate change.

Proponents of carbon capture and storage (CCS) say countries need the technology to help fulfill pledges made on the heels of the breakthrough Paris climate change agreement in 2015.

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