Global assurance and risk management provider DNV has entered into a significant four-year agreement with Norwegian project developer Carbon Centric to purchase carbon removal credits. The deal centers on a new bioenergy with carbon capture and storage (BECCS) plant currently under development in Kirkenær, Norway. Under the terms of the contract, DNV will purchase 10,000 carbon removal certificates annually, representing approximately one-third of the facility’s total planned capacity. This commitment is a core component of DNV’s strategy to achieve net-zero emissions by evaluating and then compensating for its residual carbon footprint through high-reliability removal credits.

The primary challenge addressed by this agreement is the “chicken-and-egg” dilemma facing early-stage carbon removal projects: developers require significant capital to build infrastructure, yet financiers often demand guaranteed buyers before providing funds. For BECCS projects in particular, the high cost of specialized amine capture technology and the logistical complexity of permanent geological storage create substantial financial hurdles. Carbon Centric notes that early offtake commitments are essential for de-risking these initiatives, allowing them to transition from theoretical development into physical execution.

To overcome these barriers, the partnership utilizes a build-own-operate model where Carbon Centric installs standardized, modular carbon capture units at existing biogenic emission sources. The Kirkenær plant will capture CO₂ from a combined heat and power facility that burns non-recyclable wood chips. This biogenic CO₂—which would otherwise be part of the natural carbon cycle—is captured and transported for permanent storage in geological formations beneath the seabed. This process effectively creates “negative emissions” by removing existing atmospheric carbon and sequestering it for centuries.

The outcomes of this agreement are multi-faceted, providing a verifiable pathway for DNV to offset its 2018-2023 emissions while providing Carbon Centric with the financial certainty needed to scale its portfolio. The Kirkenær facility is expected to be operational by 2027 or 2028, with a total capture capacity of 30,000 tonnes of biogenic CO₂ per year. This project serves as a landmark for the Nordic carbon removal market, demonstrating how long-term purchase agreements can catalyze the growth of permanent carbon removal infrastructure. Ultimately, this partnership signals to the global market that early corporate engagement is a critical driver for reaching the large-scale deployment targets necessary for the Paris Agreement.