Verdane, Equinor And Södra Partner To Launch The Njord Carbon Initiative

Verdane, Equinor and Södra Partner To Launch The Njord Carbon Initiative - Carbon Herald

European growth equity investor Verdane has partnered with forest industry group Södra and energy company Equinor to develop the international initiative Njord Carbon. 

The goal of the joint project is to remove and permanently store at scale CO2 emissions captured by growing trees. The technology also has the potential to speed up the global market and infrastructure required for bioenergy CO2 capture and storage (BECCS) and other permanent CO2 removal solutions at scale. 

Njord Carbon is open to welcoming additional partners that have access to biogenic carbon dioxide and high-quality underground storage. The project is also looking for early movers in the CO2 removals space – from customers and tech providers to financiers.

Relevant: Equinor: Carbon Capture Will Break Even In Next 10 Years

“We believe Njord Carbon will offer a significant reduction in the cost of high quality, permanent engineered carbon removals compared to all other existing alternatives globally,” said Bjarne Lie, Managing Partner at Verdane, and added that this April, Verdane became the first Private Equity company that committed to neutralizing all future residual scope 3 emissions with permanent engineered CO2 removals. “Njord Carbon will allow us to purchase such offsets at a very different price point in the future, and we hope the reduced costs will encourage many other businesses to make the same commitment,” he also said. 

BECCS is a negative CO2 emissions technology that captures biogenic carbon and that can be integrated into existing firms’ infrastructures, thus allowing for cost-effective CO2 removals credits.

In 2022,  Verdane’s announced its partnership with three engineered CO2 removal companies to permanently neutralize all of its residual scope 1-3 emissions. 

Read more: Verdane To Use Climeworks, Heirloom Carbon Removals To Achieve Net Zero

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