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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Post or enjoy below:
🗞️ Driving the news: Nordea Bank Abp has committed to purchasing at least 68,000 carbon removal credits from a project that will store CO2 under the North Sea
• The deal is part of the bank’s broader strategy to scale up carbon removal technologies
• Nordea aims to achieve a “positive carbon contribution” in its operations by 2030
🔭 The context: Banks are increasingly investing in carbon removals, with Morgan Stanley, JPMorgan, and UBS making similar moves
• Nordea’s contract with Norway’s Inherit Carbon Solutions involves capturing CO2 from a Danish biogas • plant and storing it permanently offshore
The bank is shifting away from carbon-avoidance credits, focusing only on direct removals
🌍 Why it matters for the planet: Scaling up carbon removal technologies is critical for achieving net-zero targets and limiting global warming
• BECCS (bioenergy with carbon capture and storage) plays a role in removing emissions from the atmosphere rather than just reducing future emissions
• Investments like Nordea’s can help drive down costs and expand deployment
⏭️ What's next: Nordea is building a broader portfolio of removal projects and assessing various technologies to meet its quality standards
• The bank insists this effort won’t replace its priority of cutting its own emissions, which are already down 53% from 2019 levels
• The success of such initiatives will depend on policy support and technological advancements
💬 One quote: “Carbon removals technologies need to be scaled up significantly in virtually all scenarios compatible with the temperature outcomes of the Paris Agreement.” – Peter Sandahl, Nordea’s head of climate and environment
📈 One stat: Nordea has reduced its operational emissions by 53% since 2019 and aims for a positive carbon contribution by 2030
See here sustainability performance of companies like JPMorgan, Morgan Stanley, Nordea Bank Abp and UBS
Click for more news covering the latest on carbon markets
