Microsoft Expands Carbon Removal Deal With Stockholm Exergi

(Bloomberg) -- Microsoft Corp. expanded its deal to buy carbon removal credits from heat-plant operator Stockholm Exergi AB, increasing volumes first agreed last year by more than 50%. 

The agreement will now include the capture and storage of 5.08 million tons of carbon dioxide over a 10-year period, up from 3.33 million previously, Stockholm Exergi said Tuesday in a statement. It’s the world’s largest such accord, the Swedish utility said. 

Microsoft is one of the top global buyers of CO2 removal credits, using the certificates to offset its greenhouse gas emissions. Stockholm Exergi, which provides heat to the city of more than a million people, took a final investment decision on a 13 billion Swedish kronor ($1.3 billion) carbon removal plant earlier this year. 

The technology to be used at the plant is known as Beccs, or bioenergy with carbon capture and storage. The carbon dioxide will be temporarily stored and then shipped to Norway, where it will be permanently held in the bedrock under the North Sea. This will be done in collaboration with the Northern Lights project run by Equinor ASA, Shell Plc and TotalEnergies SE.

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