Nasdaq is among a group of investors backing a carbon capture project in Stockholm that marks the first sale of carbon removal credits licensed by the European Union, the Wall Street Journal has reported.
The Stockholm facility, operated by energy provider Stockholm Exergi, will use a process known as BECCS (bioenergy with carbon capture and storage) to convert agricultural and woody residues into heating and electricity.
Captured carbon dioxide will then be stored in sedimentary bedrock beneath the North Sea, where it will gradually mineralise over time. Operations are due to begin in 2028.
Dutch payments provider Adyen is also among the buyers. Ella Douglas, Adyen's global sustainability lead, said the project would have a "catalytic impact" on the voluntary carbon removal market.
The transaction was organised by ClimeFi, a portfolio manager for carbon removal credits, and is the first publicly announced deal under the EU's removals framework. The European Commission adopted its qualifying rules last month, covering approaches including the capture-and-storage model planned for Stockholm, as well as the conversion of biomass into biochar.
EU policymakers hope increased corporate investment in carbon removal will support the bloc's goal of emissions neutrality in the coming decades. The market could be worth as much as $250 billion by mid-century, according to estimates from MSCI Carbon Markets — though Microsoft currently holds around 35% of total global removal credits, with few others having followed its lead.
Nasdaq backs first EU-licensed carbon removal credits in Stockholm project
