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Stockholm Exergi CEO Anders Egelrud: “The agreement shows that Stockholm Exergi’s bio-CCS project is both efficient and sustainable.“ Stockholm Exergi has signed an agreement for permanent negative emissions worth just…
The post Frontier Buys $49M in Carbon Removal Credits from Stockholm Exergi for Stripe, Meta, JP Morgan Chase and H&M Group appeared first on ESG News.
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Frontier Buys $49M in Carbon Removal Credits from Stockholm Exergi for Stripe, Meta, JP Morgan Chase and H&M Group – ESG News
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Frontier Buys $49M in Carbon Removal Credits from Stockholm Exergi for Stripe, Meta, JP Morgan Chase and H&M Group
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Frontier Buys $49M in Carbon Removal Credits from Stockholm Exergi for Stripe, Meta, JP Morgan Chase and H&M Group
by ESG News
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June 21, 2024
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Stockholm Exergi CEO Anders Egelrud: “The agreement shows that Stockholm Exergi’s bio-CCS project is both efficient and sustainable.“
Stockholm Exergi has signed an agreement for permanent negative emissions worth just over SEK 500 million (USD 48.6M) for delivery from 2028 to 2030. The purchase will be made by Frontier and includes buyers such as Stripe, Alphabet, Shopify, Meta, JP Morgan Chase CO, H&M and McKinsey Sustainability.
– The agreement with Frontier and their prominent member companies shows that Stockholm Exergi’s bio-CCS project is bothefficient and sustainable. With forerunners like Frontier, we can jump-start the industry for permanent negative emissions and drive ambitions by gathering private and public funding. The climate is the main winner when, in this way, we contribute to getting society on the right track to meet the goals of the Paris Agreement. The agreement with Frontier is an important milestone on the way to our final investment decision, says Stockholm Exergi CEO Anders Egelrud.
Frontier’s goal is to build a portfolio of companies working on carbon capture that together can reach climate-relevant scale in the coming decades. Frontier is a market commitment that effectively pre-guarantees future demand in order to reduce the risk of entrepreneurs starting carbon capture businesses.
– Carbon dioxide sequestration is crucial to balance the remaining residual emissions when our goal of reducing emissions by at least 90 percent has been achieved. That is the only way we will be able to achieve and maintain net zero emissions. We were the first European company to becomemembers of Frontier and working with Frontier allows us to develop a diversified portfolio of technicians and suppliers. This latest purchase of carbon capture from Stockholm Exergi and other purchases we have made recently can catalyze similar installations at other existing bioenergy plants, creating an opportunity to scale up carbon capture in a responsible way, says David Dahl, head of climate and nature at H&M Group, which is one of the members of Frontier (pictured below).
Related Article: Microsoft Signs Worlds Largest-Ever Carbon Removal Deal of 3.3 Million Tonnes with Stockholm Exergi
Stockholm Exergi’s goal is to make an investment decision for its full-scale bio-CCS facility later in 2024.
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