Image Credits : Picture of Gasum biogas plant Nymölla (Provided by Gasum), Image used for illustrative purpose only.
1 minute read

Sumitomo invests in Norwegian biomass-derived CO2 removal firm

Sumitomo Corporation has invested in Inherit Carbon Solutions AS (Inherit), a Norwegian company that removes CO2 from the atmosphere through the biomethane production process.

Inherit is a specialist in biomass-derived CO2 removal (CDR), in which the CO2 emitted during the biomethane production process is captured and permanently sequestrated in geological storage.
The Norwegian firm aims to use CO2 storage in the Nordics to create CDR-derived carbon credits from 2025, and has already signed offtake agreements with Microsoft and other partners.
Sumitomo said the carbon credits market is projected to grow from the current $2.1 billion (€1.9 billion) to $80 billion (€73.4 billion) by 2030.

“By combining our global network and creditworthiness with Inherit’s expertise in CDR, Sumitomo Corporation and Inherit aim to remove millions of tons of CO2 from the atmosphere over the next decade,” said Sumitomo.
“The collaboration will involve securing necessary storage providers in Europe, North America and Asia. Additionally, the partnership will focus on creating CDR credits. The practical implementation of CDR credit-creation will accelerate the development of the CCUS value-chain, therefore contributing to the realisation of a carbon-neutral society.”

Legal Disclaimer:
GLOBAL FLOW CONTROL provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above. "

Latest News

  • Pulp and Paper
    1 minute read

    J&F announces R$25 billion for new…

    24 Apr. 2024 | Global Flow Control
  • LNG and Industrial Gases
    2 minutes read

    Shell, TotalEnergies in Talks for Stakes…

    24 Apr. 2024 | Global Flow Control
  • Renewables
    1 minute read

    ONGC plans drilling for first geothermal…

    24 Apr. 2024 | Global Flow Control
  • Power Generation
    3 minutes read

    SaskPower Names Burns & McDonnell as…

    23 Apr. 2024 | Global Flow Control