The highly praised Shell-Statoil CCS (carbon capture and storage) project in the Norwegian Sea (Draugen) is not financially viable. That is the result of a joint feasibility study undertaken by both energy groups. The two energy companies have therefore decided to bury the project.

This is the second setback in a few months for one of the so-called “miracle” solutions to tackle climate change. In May, BP also decided to abandon one of its planned carbon capture plants in Scotland.

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