Durable carbon removals portfolio manager ClimeFi has structured the first publicly announced transaction under the European Commission’s Carbon Removal and Carbon Farming (CRCF) framework.
The pioneering transaction has established a buyers’ collective, including members such as Nasdaq and Adyen, who are set to receive CRCF-aligned carbon removal units from the Beccs Stockholm project.
This motion represents a breakthrough in implementing the EU’s carbon removal certification framework and establishing commercial infrastructure for durable CO2 removals in Europe.
The removals for this transaction will be generated by Stockholm Exergi’s bioenergy with carbon capture and storage (BioCCS) project, which has been financially backed by the EU Innovation Fund.
By creating a buyer’s collective, ClimeFi aims to centralize the due diligence, contracting, and monitoring process, allowing buyers of all calibers to access premium BioCCS carbon dioxide removal (CDR) at standardized and competitive terms.
Stockholm Exergi CEO Anders Egelrud sees this initiative as proof of the trust that European buyers have in both the Beccs Stockholm project and the CRCF framework for meeting their climate ambitions. “We believe we are well positioned to be among the first permanent CDR projects to have CRCF units issued,” he shared.
As part of this landmark transaction, ClimeFi will now monitor the progress of the Beccs Stockholm project through all of the stages of CRCF certification to unit issuance and delivery.
Paolo Piffaretti, CEO and Co-Founder at ClimeFi, stated, “From structuring the first Article 6.2 transfers in the carbon removal market last year to coordinating the first publicly announced carbon removal CRCF transaction, we are very proud to be shaping policy at the European level. We hope to remain at the forefront of the CRCF market as it continues to develop.”
Relevant: EU Is Now Looking For Input On The CRCF Regulation
With this transaction, Europe is fortifying its leadership in carbon removals, showcasing BioCCS as a scalable and technologically mature CDR pathway within Europe.
Commenting from the buyer side, Ella Douglas, Global Sustainability Lead at Adyen, said that the company focuses on initiatives that support catalytic impact in the voluntary carbon removal market, and in their perspective, this project does exactly that while also building key market infrastructure in collaboration with the European Commission.
Read more: EU Commission Announces New Steps Towards The CRCF Regulation
