Ørsted has entered into a new agreement with Equinor, where they will sell CO2 credits (CDR credits) equivalent to 330,000 tonnes of CO2 over the next ten years. Ørsted announced this in a press release.
The agreement is part of Ørsted's CO2 capture and storage project, 'Ørsted Kalundborg CO2 Hub', which will capture 430,000 tonnes of biogenic CO2 annually from two of Ørsted's biomass-fired CHP plants from 2026. The captured CO2, which comes from sustainable biomass, will be permanently stored under the North Sea, contributing to reducing the amount of CO2 in the atmosphere and creating a negative emission.
The sale of CDR credits plays a crucial role in realizing the ‘Ørsted Kalundborg CO2 Hub’, as the technology for biomass-based CO2 capture and storage is still in its early development phase and is associated with significant costs. The combination of credit sales and support from the Danish Energy Agency has therefore been crucial for the financing of the project, Ørsted informs.
- Equinor shares Ørsted’s commitment to maturing the technologies for CO2 capture and storage. We already have a partnership with Equinor and Nordsøfonden to explore the possibility of storing CO2 underground, and we are pleased to expand the collaboration through this agreement on the sale of CDR credits, says Ole Thomsen, Senior Vice President and Head of Ørsted's Power Plant Business.
The agreement supports Equinor's strategy to reduce its scope 1 and 2 greenhouse gas emissions by 50 percent by 2030 compared to 2015 levels. A maximum of ten percent of this reduction can be achieved using CDR credits, while at least 90 percent must be achieved through actual emission reductions.
- we are very pleased to expand our collaboration with Ørsted to include CDR credits, as we share the belief that it is necessary to build markets that enable physical CO2 reduction and removal in order to reduce emissions, says Svein Skeie, Head of Strategy and Business Development at Equinor.
amp
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
