Danish shipping and oil group AP Moller-Maersk said they will be teaming up with Finnish power producers Teollisuuden Voima (TVO) and Fortum to develop a carbon capture and storage project.
Maersk said the partners would combine carbon capture at the Meri-Pori coal-fired power plant in Finland.
They will also transport CO2 aboard Maersk tankers and storage in depleted oil and gas fields in the North Sea.
"The aim is to capture, transport and store in excess of 1.2 million tons of CO2 per year," A.P. Moller-Maersk said in a statement.
The project is scheduled for operation by 2015.