Renewable energy leader Drax has agreed to purchase 1,000 tonnes of carbon dioxide removals credits (‘CDRs’ or ‘carbon removals’) from Inherit Carbon Solutions’ biogas facility in Norway to meet growing customer demand.
Drax will purchase the credits for €400 Euros per tonne, with first delivery expected in 2025. This means that Drax will be able to offer customers the ability to purchase high quality, high integrity BECCS CDRs ahead of its own projects coming online. Drax is progressing plans to deliver two BECCS projects – one in the UK and one in the US – by 2030, with both projects able to permanently remove a combined volume of 7 million tonnes of carbon dioxide from the atmosphere each year.
Credited under the highly respected Puro Registry, Inherit Carbon Solutions will deliver engineered BECCS carbon removals by capturing and liquifying the carbon generated from a biogas facility in Norway and storing it permanently under the North Sea. The company is expected to start capturing carbon in 2025.
Marc Bradbrook, SVP Business Development, said:
“Demand for high quality carbon removals is continuing to grow, and we want our customers to be able to purchase BECCS CDRs through Drax as soon as possible.
“This investment underlines our commitment to not only deliver our own BECCS projects and CDRs, but to offer customers an enhanced range of options to suit their decarbonisation goals.
“The IPCC believes that globally up to 9.5 billion tonnes of CDRs via BECCS will be required each year by 2050. To ensure that goal becomes a reality, it is vital to invest and scale technologies like BECCS today, so they are ready for tomorrow.”
Carbon removals can be used by organisations to balance their hard-to-abate carbon emissions, achieve a net zero and, in some cases, a carbon negative status. Longer lasting and lower risk carbon credits, such as the types generated by carbon removals technologies, are increasing in demand as more organisations look to hit their decarbonisation targets.
Drax aims to become a global leader in carbon removals through BECCS technology with an ambition to geologically sequester 20 million tonnes of carbon each year. Successful trials at its North Yorkshire power station in the UK enabled Drax to become the first company in the world to successfully capture carbon dioxide from the combustion of a 100% biomass feedstock.
BECCS will provide durable, high-integrity carbon removal credits and gigatonne scalability, and is the only technology that generates reliable, renewable power while removing carbon from the atmosphere.
ENDS
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