SEB To Sell Carbon Removal Credits From Waste-To-Energy Plant

SEB To Sell Carbon Removal Credits From Waste-To-Energy Plant - Carbon Herald

Leading financial institution SEB is to start selling carbon credits generated from one of Norway’s largest waste-to-energy plants.

Hafslund Celsio, the company running Norway’s biggest district heating system fueled by waste incineration, is making a groundbreaking move to combat climate change. Their plant in Oslo, currently the city’s top source of fossil CO2 emissions, is undergoing a significant transformation.

Hafslund Celsio is building a full-scale Carbon Capture and Storage (CCS) facility, which will capture the carbon dioxide produced when burning waste, preventing it from entering the atmosphere.

This initiative is part of a larger project called Longship, backed by the Norwegian government.  

Hafslund Celsio is partnering with cement manufacturer Heidelberg Materials to capture CO2, which will then be transported and permanently stored away under the North Sea via the Northern Lights.

Biogenic CO2: Turning Waste into a Climate Solution

Interestingly, about half of the waste burned at the Oslo plant comes from organic materials like food scraps and wood.  

When burned, this biogenic CO2 is part of the natural carbon cycle. 

By capturing and storing it, Hafslund Celsio is essentially removing carbon dioxide from the atmosphere, achieving a negative emissions effect.

Relevant: enfinium Announces UK’s First Waste-To-Energy Carbon Capture Pilot

Companies can now participate in this effort by purchasing carbon removal certificates from Hafslund Celsio. 

These certificates represent verified amounts of captured biogenic CO2, helping companies offset their emissions and reach their climate goals.

SEB, a major financial institution, is leading the way in selling these carbon removal certificates. 

Relevant: Waste-to-Energy Association Welcomes EU’s Carbon Removals Certification Framework 

According to Maximilian Brodin, Head of Commodities at SEB, this brand new market has vast potential, similar to established commodity markets, and believes these certificates will become valuable financial instruments in the fight against climate change.

“Hafslund Celsio is a flagship project in negative emissions, and we look forward to engaging in this partnership and showcasing the Oslo CCS-project to customers across Europe and elsewhere who are committed to an ambitious decarbonisation journey. Negative emissions will be an important part of their solution to cope with the most difficult last mile towards net zero,” Brodin says.

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