DNV Signs Landmark Agreement with Inherit Carbon Solutions for the Purchase of Carbon Removal Credits
Oslo, Norway – October 28, 2024 – DNV, a global leader in assurance and risk management, has entered an agreement to purchase credits over the next five years at a value of 10M EUR from Inherit Carbon Solutions. This deal marks one of the largest carbon removal purchases by a Norwegian company to date.
DNV has closely monitored the carbon removal market for several years, evaluating multiple startups before selecting Inherit Carbon Solutions. The agreement aligns with DNV’s commitment to reducing its own carbon footprint and promoting verifiable climate actions.
"To achieve the climate targets set by the Paris Agreement, carbon capture and storage must be implemented on a large scale, making it essential for DNV to engage in this area. For several years, DNV has maintained certified carbon removal agreements linked to forests that compensate for our CO2 emissions, and in recent years, we have worked on CO2 capture with seaweed. We now aim to involve ourselves in BECCS to accelerate this development. By entering into this agreement, we not only contribute to our sustainability goals but also to the acceleration of a new industry and a novel solution for carbon removal," says Remi Eriksen, Group CEO of DNV.
“We are proud to be supplying DNV carbon removal credits” said Kaja Voss, Co-CEO of Inherit Carbon Solutions. “This partnership demonstrates the growing confidence in carbon removal as a critical solution for meeting climate goals, and in the significance producers of biogas can have in contributing to carbon removal.”
Inherit Carbon Solutions specializes in addressing and storing CO2 arising from biogas production in order to remove the CO2 from the atmosphere. The partnership will enable the company to expand its carbon removal initiatives, driving further progress toward global climate targets.
"We consider carbon removal certificates as a complement to other initiatives and a solution for unavoidable emissions. I believe many hesitate in this area for fear of being accused of greenwashing. The core principle is to first focus on one’s own emissions before looking at compensatory measures. I believe we can work on both. By actively pursuing our own initiatives and simultaneously investing financially in projects like this, a company can more quickly contribute to a low-carbon society," says Ellen Skarsgård, Head of Sustainability Development and Climate at DNV.
About DNV
DNV is a global leader in assurance and risk management, providing certification, verification, and advisory services across various industries. With a mission to safeguard life, property, and the environment, DNV works to enable safer and more sustainable business practices worldwide.
About Inherit Carbon Solutions
Inherit Carbon Solutions targets point emissions that are more or less pure CO2. The CO2 arises from treatment of organic waste such as sewage and food waste. We make sure the CO2 is treated (liquefied), transported and stored for 1000+ years.