Sumitomo invests in Norway's Inherit Carbon Solutions

Japan’s Sumitomo Corporation has invested in Inherit Carbon Solutions, a Norwegian company specialising in removing CO2 from the atmosphere through the biomethane production process, the Japanese company said on January 22 without providing any financial details.

Inherit's approach involves capturing and permanently sequestering CO2 emitted during biomethane production. The company is set to utilise CO2 geological storage in the Nordic region to generate CDR-derived credits starting in 2025. Notably, Inherit has already secured offtake agreements with major partners, including technology company Microsoft.

Sumitomo and Inherit envision removing millions of tonnes of CO2 from the atmosphere over the next decade. This collaborative effort involves tapping into Sumitomo's global network and creditworthiness to accelerate the practical implementation of CDR credit creation. The partnership aims to secure storage providers across Europe, North America, and Asia.

Sumitomo said it views CCUS as a pivotal tool in achieving carbon neutrality by 2050 and is actively involved in business development across Europe, the USA, and Asia.