2/2
© Reuters. Equinor's logo is seen next to the company's headquarters in Stavanger
© Reuters. Equinor’s logo is seen next to the company’s headquarters in Stavanger

2/2

OSLO (Reuters) – Microsoft Corp (O:) on Wednesday signed a memorandum of understanding with Norway’s Equinor (OL:) to explore the use of a carbon dioxide storage facility as the tech firm seeks to cut its carbon footprint, the Norwegian oil ministry said.

The world’s largest software company pledged in January to remove enough CO2 by 2050 to account for all its emissions since its founding in 1975, and to invest $1 billion in a carbon removal technology.

Microsoft will also become a technology partner for the project, known as Northern Lights, part of a wider Norwegian effort to develop carbon capture technology at industrial sites and store CO2 under the seabed, Equinor said in a statement.

“Our goal is not only to contribute our technology and know-how, but explore how new solutions like the Northern Lights project can help us meet our own carbon negative goals by 2030,” Microsoft President Brad Smith was quoted as saying.

The Northern Lights project is a partnership with Shell (L:) and Total (PA:).

The Norwegian government is expected to cover about 80% of the 6.9 billion Norwegian crowns ($751 million) cost of the CO2 deposit’s first stage, which would be able to store 1.5 million CO2 tonnes per year, Equinor has said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)