Commercial, Energy Efficiency, GHG Emissions - March 18, 2025
Nordea Commits to Multi-Year Carbon Removal
Financial services company Nordea announced an agreement for high-quality carbon removals.
The agreement is for a multi-year contract with Norwegian company Inherit Carbon Solutions to capture and permanently store at least 68,000 tons of carbon dioxide (CO2) from the atmosphere.
“This agreement is a milestone in Nordea’s new carbon removal strategy and reflects our ambition to support the scaling of high-quality carbon removal technologies,” says Peter Sandahl, Head of Climate & Environment at Nordea, in a statement. “We look forward to working on this exciting project with Inherit, as it is one of the first projects to start operations in the Nordic region. 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.”
The technology provided by Inherit Carbon Solutions captures CO2 from a biogas plant in Denmark, using agricultural organic waste as feedstock. After the CO2 is captured and liquified, it is transported to geological storage under the North Sea. This is referred to more specifically as bioenergy with carbon capture and storage (BECCS). The agreement will start generating carbon removal credits (receipts on the captured and stored CO2) in 2026, representing one of the very first BECCS plants to start operations in the Nordic region.
By the end of 2024, Nordea lowered emissions from its own operations by 53% compared with 2019. Nordea also seeks to deliver a positive carbon contribution in its own operations by the end of 2030, meaning that the amount of high-quality carbon removal credits will exceed the unabated emissions from its own operations.
In its carbon removal strategy, Nordea will work with companies developing carbon removal projects and establish a portfolio of high-quality carbon removal projects with a preference for Nordic projects.
Read These Related Articles:
Stay Up-To-Date
