Nordea has entered a multi-year agreement with Inherit Carbon Solutions to capture and store at least 68,000 tonnes of CO2, marking a significant step in its carbon removal strategy.

Target Information

Nordea has finalized a significant agreement focused on high-quality carbon removals in partnership with the Norwegian company Inherit Carbon Solutions. As part of this multi-year contract, Nordea commits to capturing and permanently storing a minimum of 68,000 tonnes of carbon dioxide (CO2) from the atmosphere. Peter Sandahl, Head of Climate & Environment at Nordea, emphasizes that this agreement is a key milestone in the bank's new carbon removal strategy, showcasing its commitment to advancing innovative carbon removal technologies.

The project utilizes a technological approach known as bioenergy with carbon capture and storage (BECCS), which captures CO2 from a biogas plant in Denmark that processes agricultural organic waste. The captured CO2 is then liquefied and transported for geological storage beneath the North Sea. The initiative aims to begin generating carbon removal credits starting in 2026 and is positioned as one of the first BECCS operations to launch in the Nordic region.

Industry Overview

The demand for carbon removal technologies is increasingly being recognized as vital for managing global warming and adhering to the guidelines established by the Paris Agreement. Over the forthcoming decades, substantial g