Nordea Bank Abp, a leading financial services provider in the Nordic Region, has signed its first carbon removal credits contract with bioenergy with carbon capture and storage (BECCS) company Inherit Carbon Solutions.
The multi-year agreement entails the removal of at least 68,000 tonnes of atmospheric carbon dioxide, which will be liquified and injected in geological storage sites under the North Sea.
This move forms part of Nordea Bank’s broader climate strategy, which includes emission reductions and investments in carbon dioxide removal (CDR) as a way to boost the development of this crucial decarbonization sector.
On its end, the bank has set a target of making a positive carbon contribution through its operations by 2030, where it will focus on investing in carbon removal credits that will exceed the amount of its inevitable CO2 emissions.
As part of this journey, at the end of 2024, Nordea Bank shared that it had reduced the carbon emissions from its operations by 53% when compared with 2019.
The contract with Inherit Carbon Solutions is the first step towards building a diversified portfolio of carbon removal projects. As the company states, its priority will be supporting high-quality CDR projects active in the Nordic countries.
Denmark-based BECCS developer Inherit Carbon Solutions matches these criteria. The company has created a technology that uses agricultural organic waste as feedstock to capture CO2 from a biogas plant in Denmark.
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Under the agreement, Inherit is expected to start generating the carbon removal credits in 2026.
Inherit Co-CEO Kaja Voss expressed the company’s excitement over the partnership with Nordea, sharing, “Together, we’re taking an important step towards a net zero future, and we look forward to this collaboration going forward.”
Conveying the same sentiment, Peter Sandahl, Head of Climate & Environment at Nordea, commented, “Through this commitment we are accelerating our operational sustainability efforts and, in addition, supporting the scaling of innovative solutions essential to reach long-term climate goals and keeping global warming within the boundaries of the Paris Agreement.”
Read more: Inherit To Deliver Carbon Removals In An Offtake Agreement With Drax
