Sumitomo invests in Norwegian Inherit Carbon Solutions

Sumitomo invests in Norwegian Inherit Carbon Solutions

Contributing to the realization of a carbon-neutral society

  • By ICN Bureau | January 24, 2024

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 pioneer in biomass-derived CDR, in which the CO2 emitted during the production process by biomethane producers is captured and permanently sequestrated in geological storage. Inherit aims to use CO2 geological storage in the Nordic region to create CDR-derived credits from 2025 and has already signed offtake agreements with Microsoft and other partners.

By combining their 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. 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 realization of a carbon-neutral society.

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