DNV advances carbon removal as part of climate strategy: Agreement signed with Carbon Centric

DNV and Carbon Centric have entered into a four-year agreement for the purchase of carbon removal credits. The agreement will help realize a new carbon capture plant that will capture approximately 30,000 tonnes of CO₂ annually and contribute to DNV’s own climate ambitions.

Carbon Centric develops, builds and operates carbon capture plants, and will now construct a new plant at an energy recovery facility in Kirkenaer, south-east Norway. By purchasing 10,000 carbon capture credits per year, DNV acts as a catalyst for the project and will, during the first four years, account for one third of the facility’s total capacity.

“The agreement with Carbon Centric is in line with DNV’s goal of compensating for our own carbon footprint and promoting verifiable climate action. Carbon capture and storage, and especially CCS associated with bioenergy as is the case with this project, will be crucial to getting closer to global climate targets. DNV already contributes technical advisory services and verification to some of the world’s largest carbon capture projects. Now DNV itself is becoming an increasingly significant purchaser of credits. This is a market that needs support to scale. By entering projects like this at an early stage, we actively contribute to accelerating the development of a new industry and new solutions for carbon removal,” says Ulrike Haugen, Chief Communications, Public Affairs & Sustainability Officer of DNV.

“Developing carbon-negative projects is demanding and requires partners that are willing to lead the way and support projects at an early stage. We are therefore very pleased that DNV believes in us and is purchasing credits from us now. This agreement demonstrates how long-term purchase agreements can help realise new projects for permanent carbon removal, reduce risk and accelerate the development of a market for carbon removal,” says Kenneth Juul, Chief Commercial Officer and Co-founder of Carbon Centric.

An important contribution to the low-carbon society
This is the second agreement DNV has entered into with a Norwegian start-up within bioenergy with carbon capture and storage (BECCS). DNV has previously entered into a five-year agreement for carbon removal credits related to biogas production, with a contract value over EUR 10 million.

“Collaboration with carbon capture companies such as Carbon Centric and the purchase of carbon capture credits are an important supplement to the emission reduction measures we implement ourselves to meet the ambitions in our climate strategy – and a good solution for emissions that cannot be avoided. By contributing as a buyer in this type of project, we aim to support the development of the low-carbon society,” says Ellen Skarsgård, Head of Sustainability Development and Climate at DNV.

DNV’s report Energy Transition Outlook – CCS to 2050, which was launched last summer, points to rapid growth in global investments in CCS. The report estimates that global capture capacity could increase from 41 million tonnes of CO₂ today to around 210 million tonnes in 2030. Towards 2050, the level is estimated to reach approximately 1,300 million tonnes of CO₂, and carbon removal projects such as Carbon Centric’s contribute to this growth. The report shows that costs are expected to decline by approximately 40 per cent towards 2050, in line with scaling and technological development.

About the new carbon capture plant
• Project type: Bioenergy with carbon capture and storage (BECCS)
• Technology: Amine-based carbon capture from flue gas
• CO₂ handling: Capture and liquefaction of CO₂, followed by transport to permanent geological storage
• Annual capture capacity: up to 32,000 tonnes of CO₂
• Planned start-up: 2028
• Location: Kirkenaer, south-east Norway
• Owner of the bioenergy plant: Solor Bioenergi
• Owner and operator of the carbon capture plant: Carbon Centric

About Carbon Centric
Carbon Centric develops, builds and operates carbon capture plants for industry and the energy sector. The company was established in 2021 and aims to make carbon capture accessible, profitable and scalable for small and medium-sized emission sources in Norway and the Nordic region. The company is owned by Ostfold Energi, Vardar and Obligo.