On the Frontline of the Green Transition

Translated and adapted from an original article by Kristian Mendoza, published by Aftenposten on 3 January 2024

(From left) Vasyl Keretsman and Lars Husdal. Photo: Kristian Aalgaard

The Norwegian industry faces significant CO2 reduction challenges, with potential costs running into several hundred billion kroner over the next six years, which is in line with the EU's goal of a 55 percent carbon cut by 2030. Novatech, led by Knut Husdal, is taking action with its AI-powered NESSi® model for decarbonization, offering precise emission forecasts along with a library of emission-reducing measures. With this, they contribute to shaping future sustainable strategies for emission reduction.

With the EU setting strict carbon reduction requirements by 2030, the Norwegian oil and gas industry faces potential CO2 costs of up to 200 billion kroner. Novatech positions itself as a key player in helping the industry meet these challenges through effective emission reduction measures.

“Our belief at Novatech is that technology has always been the key to overcoming humanity's greatest challenges. Just like when we invented the wheel and mastered fire, and how we have adapted through several ice ages, we see technology as a crucial factor in the green transition,” says Knut Husdal, CEO of the technology company Novatech, engaged from his office chair in downtown Oslo.

Emission Reduction through AI

The 48-year-old, who started the business in 2022 together with his father and brother, is on a trip in the capital to talk with new clients who wish to use Novatech's prediction model NESSi® – an AI-driven solution for decarbonization. Husdal explains that through this solution, Novatech helps companies find the most effective path to net-zero emissions by predicting future emissions and carbon costs based on various emission reduction measures.

“We recognize that our economy is too dependent on fossil fuels to completely remove them right now, as oil and gas constitute half of the state's revenues. But with technological innovation, we have the opportunity to significantly reduce our emissions, which is critical for large industrial sectors like the oil and gas sector, to reduce their carbon footprint,” he adds.

Novatech NESSi® bases its predictions on both publicly available data and specific data from the companies.

200 Billion in Charges

The fact that the Norwegian industry faces significant challenges regarding CO2 reduction is a poorly kept secret. The EU has set a goal to reduce its carbon emissions by at least 55 percent by 2030, compared to the levels from 1990. This is part of the EU's Green Deal, which aims to make Europe climate-neutral by 2050.

“In Norway, CO2 costs for the industry over the next six years could reach nearly 200 billion kroner. There's a lot of money that can be saved if the right emission reduction measures are implemented,” he elaborates.

Husdal reports that Novatech is already undertaking pilot projects and collaborating with five major industrial companies. Furthermore, he informs that Novatech NESSi® bases its predictions on both publicly available data and specific data from the companies.

“This AI technology is designed to provide accurate forecasts for future emissions and carbon costs, based on a range of different strategies for reducing carbon emissions. In fact, figures show that we are over 99 percent accurate in our forecasts, which speaks to the efficiency of this model,” he says, adding that NESSi® has nearly 100 different measures in its library that can be combined to simulate and build a sustainable zero-emission strategy.

“There are several other exciting strategies beyond just CCS and electrification that allow us to meet the 2030 and 2050 goals.”