Norway’s carbon capture project paused over high cost projections

A carbon capture project in Oslo, Norway, is being halted for at least a year after the CEO of the group overseeing the project said it exceeded the allocated budget. 

In a statement, Hafslund Oslo Celsio’s chief executive officer said the new cost calculations show "we cannot implement the original plans for the carbon capture project within the existing budget."

According to Reuters, the un-affordability of the project was due to inflation impacting project suppliers, geopolitical instability that has driven up energy costs and the country’s weakened currency, the Norwegian crown.

The project is now being delayed for at least a year while those overseeing it work to slash costs.

The Klemetrsud plant, a waste-to-energy plant that was being subsidized by Norway’s government and the Oslo city council, reportedly had a $518 million investment from Celsio. 

Follow Addison on Twitter.