BBVA assumes a strategic role as one of the key banking partners in the financing of the second phase of Northern Lights, the landmark CO₂ storage initiative developed in Norway. Through its involvement in this financing, the bank plays a role in enabling a significant expansion of the project’s storage capacity, from 1.5 million to minimum 5 million tonnes per year, while reaffirming its firm commitment to accelerating industrial decarbonisation and advancing the energy transition across Europe.
Northern Lights is a joint venture established by Shell, Equinor, and TotalEnergies with the aim of developing and operating the world’s first commercial-scale, cross-border carbon capture, transport, and storage system. Located in Norway and already operational, it is also the first open-access infrastructure in Europe designed to enable the transport and permanent storage of CO₂ across national borders.
The project’s design will allow industrial emitters across the continent to leverage this solution beyond the Norwegian context. Its recent entry into operation, including the commencement of actual CO₂ storage, marks a milestone in the maturity of CCUS (Carbon Capture, Utilisation and/or permanent Storage) technologies and consolidates Europe’s leadership in delivering scalable climate solutions for hard-to-abate sectors.
BBVA’s involvement in this project further strengthens its position as a strategic financial partner in the clean technologies space, building on its proven track record in supporting pioneering industrial decarbonisation efforts.
“We are proud to have supported our clients in a transaction of such significance, which not only represents a major technological milestone, but also a decisive step towards the tangible decarbonisation of European industry. The scalability and commercial viability of Northern Lights set a precedent for the future of CCUS as a key enabler in the energy transition,” said Carlos Zuloaga, Global Sector Head of Energy in BBVA CIB.
“This project not only represents a major technological milestone, but also a decisive step towards the tangible decarbonisation of European industry”
BBVA believes that carbon capture, utilisation and permanent storage technologies are essential to achieving climate neutrality, particularly in sectors where emissions are inherently difficult to eliminate. As part of its commitment to the energy transition, the bank continues to enhance its capabilities in financing clean and innovative infrastructure, with a proactive focus on cleantech projects that accelerate progress towards a low-carbon economy.