DNV and Norwegian startup sign carbon removal agreement worth 10 million Euro

DNV and Inherit Carbon Solutions have entered into a five-year agreement on CO2 removal certificates related to biogas production. The agreement has a contract value of 10 million Euro and 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.
Inherit Carbon Solutions specializes in managing and storing CO₂ generated from biogas production to remove it from the atmosphere. By capturing CO₂ produced during the decomposition of biomass at a biogas facility, the CO₂ can be stored, contributing to the reduction of greenhouse gas emissions.

"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 able to deliver carbon removal certificates to DNV. This partnership demonstrates the growing trust in carbon removal as a critical solution for achieving climate goals and highlights the significant role biogas producers can play in contributing to carbon removal," says Kaja Voss, founder and Co-CEO of Inherit Carbon Solutions.
DNV is actively working to reduce its environmental impact and has set a specific goal of reducing emissions per employee by 50 percent by 2025. This includes business travel and energy usage at the company's offices.

"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.