• Nordea partners with Inherit Carbon Solutions in a multi-year agreement to remove and store at least 68,000 tonnes of CO2.
• Marks a significant step in scaling bioenergy carbon capture and storage (BECCS) technology in the Nordic region.
• Accelerates Nordea’s goal to achieve net-positive carbon emissions from its own operations by 2030.

Nordea has signed a multi-year contract with Norwegian firm Inherit Carbon Solutions to capture and permanently store at least 68,000 tonnes of CO2, significantly bolstering its carbon removal strategy.

“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,” said Peter Sandahl, Head of Climate & Environment at Nordea.

The partnership involves using bioenergy with carbon capture and storage (BECCS) at a Danish biogas plant. The CO2, derived from agricultural organic waste, will be liquefied and geologically stored beneath the North Sea, starting to generate credits in 2026.

“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,” Sandahl added.

This collaboration represents a critical advancement in regional carbon removal technology, vital for achieving the Paris Agreement’s climate targets.

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Inherit Carbon Solutions views the partnership as pivotal for the industry’s future:

“We are excited to partner with Nordea on this groundbreaking project and to see that Nordea goes to such great lengths to accelerate the carbon removal industry. Together, we’re taking an important step towards a net zero future, and we look forward to this collaboration going forward,” said Kaja Voss, Co-CEO of Inherit.

Nordea has already reduced emissions from its operations by 53% since 2019 and aims to achieve positive carbon contribution by 2030, meaning carbon removal credits will surpass the bank’s remaining operational emissions.

Fact Box: Carbon Removal

• Carbon removal involves extracting CO2 from the atmosphere and securely storing it in geological, terrestrial, or ocean reservoirs.
• Essential for achieving global net zero emissions by 2050.
• Includes both natural and technological solutions with varying storage permanence.

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