The captured CO2 will be transported by vessels for storage (CCS) and reuse (CCU) and thereby enabling large-scale emission reductions.
Iceland’s Carbfix and the Danish shipping company Dan-Unity CO2 have entered into an agreement for the transfer of CO2 to the Coda Terminal – a new CO2 Mineral Storage Terminal in Straumsvík, Iceland. Carbfix estimates that Iceland has a capacity of 2,500 gigatons of CO2, more than 55 years of the entire planet's emissions.
The shipping company will transport CO2 on specially designed ships that run on low carbon fuels. The carbon footprint from the shipping will be only about 3-6% of the CO2 that will be disposed of.
"Carbfix's technology offers a safe, permanent and cost-effective alternative to conventional carbon capture and storage solutions by mimicking and accelerating nature's mineral CO2 storage mode. By dissolving CO2 in water and injecting it into subway basalt formations, CO2 is converted to stone in less than two years," said Edda Sif Pind Aradóttir, CEO of Carbfix.
The captured CO2 will also be used for alternative forms of energy, such as CCU and Power-to-X, and once the vessels are built, they will be able to transport the CO2 either for storage in Iceland or in depleted offshore oil fields, or for use in a Power-to-X plant.
“The technology and expertise are in place. Capture, transport and storage are proven concepts; therefore, what is needed to start building the necessary vessels is to ensure that the regulatory framework, including CO2 taxation, is in place," said Steffen Jacobsen, CEO of Evergas.
The import and storage of CO2 in Iceland is legalised and supported by the local government and parliament, which paves the way for early and large-scale CO2 reduction for Northern European industries, allowing emissions to be safely stored forever.
A single vessel can safely and cost-effectively transport 450,000 tonnes of C02 per year. The vessels will be purpose-built and therefore not compatible with any other trade, therefore long-term contractual commitments are required to start the newbuilding projects.
The lead time for vessel construction is expected to be 27-28 months for the construction of a CO2 vessel.
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