Sumitomo Corporation has invested in Inherit Carbon Solutions AS (Inherit), a Norwegian company dedicated to mitigating CO2 emissions by employing biomethane production processes. Inherit specializes in biomass-derived CO2 removal (CDR), capturing and permanently sequestering CO2 emitted during biomethane production in geological storage. The aim of the Norwegian firm is to leverage CO2 storage in the Nordics to generate CDR-derived carbon credits starting in 2025. Inherit has already established offtake agreements with major entities, including Microsoft.
Sumitomo anticipates significant growth in the carbon credits market, forecasting an increase from the current $2.1 billion (€1.9 billion) to $80 billion (€73.4 billion) by 2030. The collaboration’s scope extends to securing storage providers in Europe, North America, and Asia, ensuring a comprehensive global approach.
As reported by Bioenergy Insight, the partnership will prioritise the creation of CDR credits, fostering the acceleration of the carbon capture, utilisation, and storage (CCUS) value chain. The initiative aligns with the broader goal of realizing a carbon-neutral society.
