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Denmark awards very first licenses to check out CO2 storage options on land

Denmark has actually granted the very first 3 licenses to examine largescale storage of carbon dioxide in geological formations on land, the Danish Energy Agency said on Thursday.

In neighbouring Germany, onshore CO2 storage was prohibited last years in the middle of worries of gas leakages, however Danish authorities stated the country's subsoil was particularly appropriate for CO2 storage that might assist to limit worldwide warming.

Licenses to explore onshore CO2 storage in Demark were awarded to three groups: one including Wintershall Dea and INEOS, another including CarbonCuts, a subsidiary of BlueNord, and a third consisting of Equinor and Orsted.

Denmark's state-owned fund Nordsofonden will have stakes in all 3.

Carbon storage is vital if we are to attain our climate targets, and the Danish subsoil has the required qualities needed to store carbon securely and properly, the firm stated in a declaration.

The first CO2 onshore licensing round received quotes from a. overall of 10 business, it added.

The agency stated additional research studies by the license holders will. be needed to make sure that CO2 storage is safe before licenses. to start storage are approved.

One potential storage site at Havnso has to do with 70 kilometres. far from Danish capital, Copenhagen.

Denmark has formerly awarded a couple of licenses for exploring. CO2 storage in the Danish sector of the North Sea.

Germany said in February it planned to change its laws to. permit carbon capture and off-shore storage for particular. commercial sectors as Europe's biggest economy aims to become. carbon neutral by 2045. On-land carbon storage in Germany will,. nevertheless, stay banned.

(source: Reuters)