BBVA is lending its support to the expansion of Northern Lights, a global leader in cross-border CO₂ storage. As a key banking partner in the financing of the second phase of this groundbreaking initiative, BBVA is playing a pivotal role in increasing the project's storage capacity from 1.5 million to a minimum of 5 million tonnes per year. This expansion not only reinforces BBVA's commitment to accelerating industrial decarbonisation and advancing the energy transition across Europe, but also sets a precedent for the future of Carbon Capture, Utilisation, and Storage (CCUS) technologies.
Northern Lights, a joint venture between Shell, Equinor, and TotalEnergies, is 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. This project's design will allow industrial emitters across the continent to leverage this solution beyond the Norwegian context, marking a significant milestone in the maturity of CCUS technologies and consolidating 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. Carlos Zuloaga, Global Sector Head of Energy in BBVA CIB, expressed pride in supporting 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. He highlighted the scalability and commercial viability of Northern Lights, setting a precedent for the future of CCUS as a key enabler in the energy transition.
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.
