The capture and durable storage of biogenic carbon dioxide (bio-CCS) is an emerging solution that can contribute to achieving our global climate change mitigation goals by removing carbon dioxide from the atmosphere. To be financially viable, these removals need to be monetised, for example through state support or the sale of carbon credits in carbon markets. This policy brief explores the role of carbon credits in supporting bio-CCS in the Nordic region, taking into account the Paris Agreement, the voluntary carbon market and the EU context. 

Key messages on supporting removals from bio-CCS with carbon markets:

- Meeting global net zero requires scaling up public and private finance for bio-CCS 

- Carbon market cooperation can leverage public and private finance for bio-CCS 

- How public and private entities finance, use and claim removals from bio-CCS matters for the environmental integrity and cost-effectiveness of climate change mitigation action 

- Countries need to set up arrangements for quality control, tracking, accounting and reporting to engage in Paris-aligned carbon market cooperation 

- EU engagement in carbon market cooperation under the Paris Agreement would require updates in EU law 

This policy brief focuses on the opportunities and requirements for supporting bio-CCS through carbon market cooperation under Article 6 of the Paris Agreement. It provides recommendations for bio-CCS developers, carbon credit buyers, Nordic and EU officials and other stakeholders on the robust generation, trading, tracking and use of carbon credits from bio-CCS. For further details, see the discussion paper “Promoting biogenic carbon capture and storage in the Nordic region through carbon markets – How and when to cooperate under Article 6 of the Paris Agreement?”.