Helsinki, Sep 6 (IANS): Finland and Norway have agreed to collaborate on carbon dioxide (CO2) transport and storage, meaning that in the future, captured CO2 could be transported from Finland to Norway for permanent storage.

In a virtual meeting on Friday, Finland's Minister of Climate and the Environment Kai Mykkanen and Norway's Minister of Energy Terje Aasland announced plans to enable cross-border CO2 transport for permanent storage under Norway's seabed, Xinhua news agency reported.

According to a press release, the partnership is crucial for Finland, which is skilled in capturing biogenic carbon but lacks suitable geological conditions for long-term CO2 storage. On the other hand, Norway has more than 27 years of experience with the safe storage of CO2 under the seabed.

"Finland has strong potential in carbon capture, but we need permanent storage options. Working with Norway will unlock new opportunities for our companies to grow and innovate," Mykkanen said.

Aasland also said "This cross-border teamwork is essential. Norway has the capacity to store large amounts of CO2, and together, we can make carbon capture and storage a key climate solution."

The countries plan to sign a Memorandum of Understanding (MoU) on CO2 transport and storage. Finland must first complete the necessary legal processes and obtain parliamentary approval.

CO2 capture, transport, and storage are technologies designed to reduce CO2 emissions and are considered crucial for limiting global warming.

For now, Norway is the closest place to Finland where permanent storage of CO2 is possible, according to local media reports.