Nordea, a Nordic financial services group, has entered into a multi-year agreement with Norwegian firm Inherit Carbon Solutions to capture and permanently store at least 68,000 tonnes of carbon dioxide (CO₂) from the atmosphere. The initiative marks a step in the bank’s carbon removal strategy, supporting the scaling of high-quality carbon removal technologies.
Carbon removal technologies are regarded as crucial for meeting the targets set out in the Paris Agreement, with significant capacity expansion required in the coming decades. Efforts to support innovation and scaling today are seen as essential for achieving cost efficiencies and long-term climate goals.
Nordea has been working to reduce emissions from its own operations, cutting them by 53% by the end of 2024 compared with 2019 levels. The bank aims to achieve a net-positive carbon contribution from its operations by 2030, where high-quality carbon removal credits will offset any remaining emissions.
As part of its carbon removal strategy, Nordea intends to collaborate with companies developing carbon removal projects, prioritising Nordic initiatives. The agreement with Inherit Carbon Solutions represents the first such project, using bioenergy with carbon capture and storage (BECCS) technology to extract CO₂ from a biogas plant in Denmark. The captured carbon will be liquefied and stored in geological formations beneath the North Sea.
The agreement is expected to start generating carbon removal credits in 2026, making it one of the first BECCS projects to begin operations in the Nordic region.
Kaja Voss, Co-CEO of Inherit Carbon Solutions, welcomed the collaboration, stating that it represents a significant step in advancing the carbon removal industry and moving towards a net-zero future.
