Sumitomo Invests in Norway's Inherit Carbon Solutions

Sumitomo Corporation has invested in Inherit Carbon Solutions AS, a Norwegian company that removes carbon dioxide from the atmosphere through a biomethane production process.

Inherit is a pioneer in the field of biomass-derived CDR, in which the carbon dioxide emitted by biomethane producers during their production processes is captured and permanently stored in geological storage.

Inherit aims to create CDR-derived credits using geological storage of carbon dioxide in the Nordic region from 2025, and has signed offtake agreements with Microsoft and other partners.

By combining their global network and credibility with Inherit's expertise in CDR, Sumitomo Corporation and Inherit aim to remove millions of tons of carbon dioxide from the atmosphere over the next decade. The collaboration will involve securing essential storage providers in Europe, North America and Asia.

Additionally, the partnership will focus on creating CDR credit. The actual implementation of CDR credit creation will accelerate the development of the CCUS value chain, thereby contributing to the realization of a carbon-neutral society.