Sumitomo invests in Norwegian biomass-derived CO2 removal firm
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."