A Vancouver-based carbon dioxide removal specialist has awarded Preliminary Front-End Engineering and Design contacts to technology and engineering suppliers for a “groundbreaking” carbon removal project in Canada.
CO280 Solutions says that the project is designed to capture and permanently store over 800,000 tonnes per year of biogenic CO2, beginning in 2029. The resulting carbon removal credits will be sold to buyers in the carbon market, according to a statement from CO280.
CO280 retrofits existing mills to capture and permanently store biogenic CO2, leveraging a partnership model that boosts pulp and paper industry profitability by generating a new revenue stream via CDR credit sales.
For example, JPMorganChase this year agreed to purchase 450,000 metric tons of carbon dioxide equivalent over 13 years from a CO280 project. Microsoft, meanwhile, intends purchase 3.685 million tonnes of CDR over 12 years.
“Reaching Pre-FEED with our mill partner in Canada is our next step in developing the world’s largest network of carbon removal projects,” said Natalie Khtikian, co-founder and Chief Commercial Officer of CO280.
“We have the potential to invest billions of dollars in the North American pulp and paper industry, supporting the communities that are built around this industry and making high-quality CDR available to a wider range of buyers,” continued Khtikian.
The Preliminary Front-End Engineering and Design study will evaluate the integration of commercially-proven liquid amine carbon capture technology into the existing infrastructure of the mill.
“We’re pleased to reach this milestone on our first project in Canada,” remarked CO280 cofounder Jonathan Rhone, “and to begin CDR sales to buyers seeking to secure long term access to permanent and affordable CDR.”
“This project builds on our projects in the US, demonstrates our scalable project platform, and supports Canada potential as a global leader in carbon removal while helping revitalize this critical Canadian pulp and paper industry,” commented Rhone.
The pulp and paper industry in North America is estimated to produce over 100 million tonnes of biogenic CO2 annually.