Microsoft and Swedish energy company Stockholm Exergi have announced a 10-year offtake agreement, which will provide Microsoft with more than 3,3 million tonnes of carbon removal certificates from the planned Bioenergy with Carbon Capture and Storage (BECCS) facility in Värtan, Stockholm.
The agreement marks the world's largest ever carbon removal deal, according to the companies.
Anders Egelrud, CEO of Stockholm Exergi: “The agreement with Microsoft is a huge step forward for our BECCS project, Stockholm Exergi as a company and the climate. It is the strongest possible recognition of the importance, quality and sustainability of our project and brings us an important step closer to a final investment decision in the fourth quarter of 2024. I believe the agreement will inspire companies with ambitious climate goals.”
Delivery of carbon removal certificates to Microsoft is expected to begin in 2, and the new agreement includes criteria for the sustainable sourcing of forest biomass, in addition to conservative quantification of net removals and comprehensive monitoring, reporting and verification (MRV).
The new agreement marks the latest in a series of announcements from Microsoft to support and participate in the carbon removal market, which is part of the tech giant's initiative to become carbon negative by 2030. In recent months, Microsoft has announced a series of carbon removal agreements covering a wide range of technologies and approaches, including reforestation, direct air capture (DAC), ocean carbon removal and biochar-based projects.
Stockholm Exergi
