Nordea has entered into a carbon removal agreement with the Norwegian company Inherit Carbon Solutions.

The agreement covers the removal and storage of at least 68,000 tonnes of CO2.

“This agreement is a milestone in Nordea’s new carbon removal strategy and supports the scale-up of high-quality carbon removal technologies,” Nordea head of climate and environment, Peter Sandahl, said.

Carbon removal technology is a key part of the effort to keep global warming within the Paris Agreement, and there will be a need for significantly greater capacity in the coming decades. Nordea believes that it is important to support innovation and scaling up of this technology today to reap economies of scale in the future.

Inherit Carbon Solutions is providing the technology that captures CO2 from a biogas plant in Denmark, where the feedstock is organic waste from the agricultural sector.

After the CO2 is captured and liquefied, it is transported to geological storage under the North Sea. This is called Bioenergy with Carbon Capture and Storage (BECCS). The agreement will generate carbon removal certificates (receipts for captured and stored CO2) from 2026 at what will be one of the very first BECCS plants to be put into operation in the Nordic region.

“We are looking forward to working with Inherit on this exciting project, which is one of the first to start in the Nordic region. With this agreement, we provide important support for the scaling up of innovative solutions that are necessary for us to achieve long-term climate goals,” Sandahl said.

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