Inherit to deliver high-quality carbon removal in an offtake agreement with Drax
Oslo, Norway. March 21, 2024 – Drax, a leading Carbon dioxide removals and renewable energy company, supports developing the market for carbon removals through purchase of BECCS credits from Inherit Carbon Solutions
Drax has agreed to purchase 1,000 tonnes of carbon dioxide removals (‘CDRs’ or ‘carbon removals’) credits from Inherit Carbon Solutions’ projects in Norway. Drax will purchase the credits for €400 per tonne, with first delivery expected in 2025.
By leveraging waste-water and food waste for the purpose of carbon removal, Inherit Carbon Solutions employs a sustainable and effective solution that not only addresses carbon emissions but also contributes to the responsible management of waste. To achieve this, Inherit Carbon Solutions partners with biomethane facilities that not only treat organic waste, but also creates a valuable source of renewable energy.
Marc Bradbrook, SVP of Business Development, Drax said, “This investment speaks to our ambition in the carbon removals market – we are not only committed to accelerating our own bioenergy with carbon capture and storage (BECCS) sites but also to mobilising and scaling the wider market for high integrity BECCS credits. The IPCC believes that globally up to 9.5 billion tonnes of CDRs via BECCS will be required per year by 2050 so there is a real need to invest in and scale technologies like BECCS now, so they are ready for tomorrow.”
“We are thrilled to be working with Drax, providing them with credits from our high quality BECCS projects. This collaboration highlights the importance of working together to meet our generation´s biggest challenge, climate change” says Mike Carpenter, CEO and Co-founder, Inherit Carbon Solutions. “We need the entire carbon removal community working together to build a gigaton scale industry”.
Read more: https://draxcarbonremovals.com/drax-purchases-beccs-carbon-removals-to-meet-growing-customer-demand/
About Inherit Carbon Solutions
Carbon removal doesn’t have to be energy intensive or to compete with arable land to grow food. It also doesn’t have to be at a small scale. We can remove gigatons of CO₂ and store it for 1000+ years. Our co-founders, Kaja and Mike, met while assessing opportunities for Carbon Capture and Storage (CCS) from biomethane production. They discovered that the technology is here and began working to implement the commercialization and implementation.
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