Insider Brief:
- Microsoft has extended its carbon removal agreement with Swedish heat plant operator Exergi from 3.33 million tons of carbon over 10 years to 5.08 million tons.
- Exergi is building a US$1.3 billion plant to remove 800,000 tons of carbon dioxide each year.
- The carbon will then be shipped to Norway, where will it be injected underground in the North Sea.
Microsoft has expanded the world’s largest carbon removal agreement, with an extension to the contract with Sweden’s heat plant operator Stockholm Exergi AB.
The U.S. technology company will now capture and store 5.08 million tons of carbon dioxide over 10 years, starting in 2028. The previous agreement included 3.33 million tons.
Exergi is building a US$1.3 billion plant which will remove 800,000 tons of carbon dioxide each year. It will ship the carbon to Norway, where it will be injected underground into the North Sea, ESG News reported.
“Microsoft’s choice to extend its agreement with us shows strong confidence in our bio-CCS project and our ability to deliver sustainable, permanent negative emissions,” Exergi CEO Anders Egelrud said.
Microsoft is one of the top purchasers worldwide for carbon dioxide removal credits, Bloomberg News reported.
Exergi will announce other agreements for its bio-carbon capture and storage project in the coming months, CEO Egelrud said.
