Microsoft Corp. has expanded its agreement to buy carbon credits from Stockholm Exergi AB, a company that generates heat and electricity while capturing and storing carbon from the atmosphere, Bloomberg reports. The deal has been significantly expanded. The agreement now includes the capture of 5.08 million tons of CO2 over 10 years, up from 3.33 million tons previously. Stockholm Exergi says it is the world’s largest such agreement.
Microsoft is considered one of the largest buyers of carbon credits for CO2 removal in the world. Such certificates help to partially “offset” greenhouse gas emissions associated with Microsoft’s activities. Stockholm Exergi provides heat to more than a million people. Earlier this year, the company made a final decision to build a carbon capture and storage plant (BECCS) for Kr13 billion ($1.3 billion).
Image source: Stockholm Exergi
The BECCS (bioenergy with carbon capture and storage) technology involves the temporary storage of carbon dioxide at the Swedish company’s sites. It will then be transported to Norway, where it will be injected into geological formations beneath the North Sea. This will be done in cooperation with the Northern Lights project, supervised by Equinor ASA, Shell Plc and TotalEnergies SE.
Microsoft is involved in other green carbon capture projects, including a 300,000-ton deal with Heirloom and a 10,000-ton deal with Climeworks, which also does direct carbon capture. It also has a deal to remove carbon dioxide from the atmosphere with Carbon Capture. Other companies that have invested in carbon capture include Meta✴ and Google.