Verdane, Equinor and Södra Announce Joint Initiative to Remove and Permanently Store Biogenic Carbon Emissions

Södra Wood Mönsterås Sågverk

Södra Wood Mönsterås Sågverk

by | Jan 17, 2023

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Södra Wood Mönsterås Sågverk

(Credit: Södra Wood Mönsterås Sågverk)

Carbon capture and storage technology is used to reduce carbon emissions or re-distribute in an environmentally friendly manner. Even if the world successfully reduces its total CO2 emissions, billions of tons of carbon dioxide must also be removed from the atmosphere in order to change the adverse effects being felt at the global level. To help combat the effects of climate change Verdane, a specialist growth equity investor has partnered with Södra, one of the world’s largest forest industry groups, and Equinor, one of the largest energy companies and CO2 storage companies in the world, to establish Njord Carbon, an international initiative aiming to sustainably remove and permanently store biogenic carbon emissions.

Recent reports from the Intergovernmental Panel on Climate Change (IPCC) and other organizations indicate that this technology is essential for keeping global warming to 1.5 degrees. Njord Carbon will offer scalable carbon dioxide reductions that are both extremely reliable and reasonably priced. Additionally, it might hasten the development of the worldwide market and infrastructure required for large-scale implementation of bioenergy with carbon capture and sequestration (BECCS) and other permanent carbon removal technologies.

Behind the Initiative 

Bjarne Lie, Managing Partner at Verdane, says, “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. In April, Verdane became the first Private Equity firm to commit to neutralise all future residual scope 3 emissions with permanent engineered carbon removals. Njord Carbon will allow us to purchase such offsets Press Release 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.”

Lotta Lyrå, CEO of Södra, says, “Södra is constantly working to create additional value from its members’ raw materials and increase our contribution to the climate transition – preferably through new partnerships. We are developing the work of family forestry, making our processes more efficient and reducing emissions. But our development does not stop there. We always want to improve, and carbon capture strengthens our long-term work towards an ever greater positive impact on the climate while broadening our base and creating new value from a by-product of our mills.”

Lisa Rebora, Head of Emerging and Future Business at Equinor, says, “Carbon management and removals are critical elements in transitioning to a net zero world and the BECCS value chain provides a pathway for Equinor to achieve this in the Nordics. We look forward to working together with Verdane and Södra to explore the opportunities for carbon removal in the Nordic market.”

The Ultimate Goal

The mission at Njord Carbon is to facilitate the transition towards a sustainable world by enabling high-quality carbon removal at scale and at an affordable price. In partnership with its constituent organizations, Njord Carbon will offer permanent credits for the removal of carbon emissions derived from waste. This technology is at the forefront of isolating and permanently storing CO2 absorbed by growing trees and goes beyond those that just cut emissions from existing industrial processes. The companies are actively pursuing additional investments in this initiative.

Carbon Removal Technology

A 2022 report from Markets and Markets indicated the global bioenergy with carbon capture and storage market is expected to grow significantly through 2027. In December, Svante announced it had raised more than $300 million to help enhance its carbon capture and removal technology and meet the growing demand for reducing industrial emissions. 2022 E+E Leader Award Winner, ADM, in partnership with Illinois State Geological Survey, was recognized for their The Illinois Basin – Decatur Project (IBDP), a carbon sequestration system with the capacity to permanently sequester CO2 from industrial processes.

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