SEB, a prominent financial group based in Northern Europe, entered into a partnership with Inherit Carbon Solutions, a Norwegian project developer.
As part of the collaboration, SEB Group has been entrusted with the responsibility of introducing companies to the opportunity to purchase carbon capture certificates from four upcoming Nordic projects dedicated to the capture and storage of biogenic carbon dioxide.
Inherit Carbon Solutions have shared that the projects, in partnership with multiple biomethane producers in Sweden, Norway, and Denmark, seek to capture and store CO2 released during biogas production from sources such as fish, food, and agricultural waste.
The partnership is centered around the business idea of addressing the urgent need to remove carbon dioxide from the atmosphere in order to combat climate change.
With the growing awareness that simply reducing emissions will not be enough to reach the goals of the Paris Agreement, it has become clear that developing and implementing carbon technologies should be an essential part of the action plan.
SEB will focus on offering companies the chance to purchase certificates based on BECCS, Bio Energy Carbon Capture and Storage technology. These certificates pertain to the carbon dioxide derived from organic material, which is a part of the natural carbon cycle.
The portfolio of the four participating carbon projects has the capacity to capture 70,000 tonnes of carbon dioxide per year, contributing significantly to climate change mitigation efforts.
With the first production expected to start by the second quarter of 2025, the joint venture between SEB and Inherit Carbon Solutions seeks to make a tangible impact on the environment, while also fulfilling the growing demand for sustainable initiatives.