SR-Bank is leading the way for Norwegian companies - purchasing and storing carbon locally.
SR-Bank is pursuing carbon storage with biochar to meet its sustainability goals for 2022. All the carbon is stored in agricultural soil locally, with farmers connected to the bank. "It's fantastic to invest in a climate action that not only removes CO2 from the atmosphere but is also tangible and meaningful and that contributes to local agriculture's development," says Chief Sustainability Officer Guro Elgheim Sivertsen.
"SR-Bank has a clear goal of becoming a zero-emission company. As long as we still have emissions, they must be managed properly, and the best option available on the market now is biochar," continues Sivertsen.
One of the goals of the bank's comprehensive sustainability strategy is to achieve net-zero emissions in the fiscal year 2022. In recent years, an increased focus on carbon credits in the voluntary market has led many to move away from the goal of climate neutrality - it has proven to be too challenging to attain.
However, SR-Bank is not backing down. With this purchase, they are setting a new standard for how businesses should offset their emissions in Norway.
Biochar is an internationally recognized technology for removing carbon from the atmosphere (negative emissions). The carbon is guaranteed to be stored for at least 100 years (much of it even for 1000 years), and carbon credits from biochar can be used to offset emissions fundamentally differently than traditional carbon credits. In Norway, biochar has been highlighted as one of the few credible technologies by organizations like Zero and PwC. "We hope this can pave the way for others in our industry," says Iversen.
SR-Bank has recently expanded its sustainability team and has internal biochar technology expertise. They are making a significant purchase from a relatively new startup company. "It's exciting for us as a major player to do this with Norsk Karbonlagring. This is a company to make a difference in the world, and we have the opportunity to support them on their journey. The package they offered us, including local storage in Rogaland, aligns perfectly with our profile."
SR-Bank has purchased 50 tons of CO2 equivalents, already stabilized at Oplandske Bioenergy. The carbon will be stored in farmland in Rogaland during the spring.
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SR-Bank receives the "Reduced Climate Footprint" certificate from Down to Earth. To recognize "Offset Climate Footprint," a more comprehensive assessment of plans, commitments, milestones, and credits purchased to mitigate Scope 3 emissions is required.