Nordics financial company Nordea has signed a multi-year carbon removals contract with Norwegian company Inherit Carbon Solutions to capture and store at least 68,000 tonnes of carbon dioxide (CO2) from the atmosphere.
Inherit Carbon Solutions’ technology will capture CO2 from a biogas plant in Denmark, using agricultural organic waste as feedstock, where it is liquefied and transported for geological storage under the North Sea.
The agreement will start generating carbon removal credits in 2026, marking one of the first bioenergy with carbon capture and storage (BECCS) plants to start operations in the Nordic region.
Nordea said it would work with companies developing carbon removal projects and over time establish a portfolio of carbon removal projects in the region.
Nordic countries are taking bold steps to turn CO2 into an asset rather than a liability. With abundant renewable energy, geological storage capacity and strong climate policies, the region has positioned itself as a leader in carbon capture and utilisation.
However, a new report from the Climate Leadership Coalition (CLC), ‘Carbon Removal and Utilisation in the Nordic Countries: Status, Outlook, and Policies Needed’, reveals that this leadership status is not without its challenges.
“The need for carbon removals is immense,” the report states. “On a global level, we would need 7 to 9 Gt (gigatonnes) annual removal capacity to reach climate neutrality, an amount equal to the current thermal coal market.”
With deployment requiring long lead times, the report stresses the need for immediate action.
Norway’s Longship project combines industrial CO2 capture with the Northern Lights offshore storage facility, while Iceland’s Carbfix project mineralises captured CO2 into basalt rock, creating a scalable and permanent storage solution.
Sweden and Denmark have prioritised BECCS, focusing on waste-to-energy plants and forest industry operations. These initiatives aim to make use of the region’s estimated 100 million tonnes of biogenic CO2 emissions annually.
