A vessel to transport liquefied carbon dioxide from industrial emitters has been unveiled in Singapore on Friday. The ship will contribute to the world's first full-scale carbon capture and storage project, or CCS, in Norway.

Japanese shipping firm Kawasaki Kisen Kaisha operates the vessel. The 130-meter ship has two tanks with a total capacity of 7,500 cubic meters of liquid CO2. It will transport the substance to the Norwegian facility where the CCS project is underway by April.

Norway's Northern Lights company is managing the long-term storage of collected carbon dioxide deep underwater.

A total of 1.5 million tons of CO2 taken from multiple sites will be stored at its facility annually. The company says the project will be the first commercialization of a CCS system using marine transport.

Hopes are high among investing companies. Zharin Zhafrael of Shell, one of the three companies investing in Northern Lights, said CCS is a "key technology" to decarbonize industries whose production of CO2 is hard to abate, such as steel, petrochemicals and cement.

In recent years, development of CCS technology has been accelerating in dozens of countries to achieve climate goals.