In a groundbreaking move for ESG and carbon neutral strategy, Switzerland and Norway have signed the world’s first cross-border carbon removal and storage agreement under Article 6.2 of the Paris Agreement. This pioneering international deal establishes a legal framework for the cross-border transport, storage, and trading of carbon dioxide, offering a global model for high-integrity carbon markets. 

Norwegian Minister of Energy Terje Aasland emphasized, “This agreement enables us to test how international cooperation on CCS and CDR can work in practice—with high environmental integrity and mutual benefit.” Norway brings over 27 years of CO₂ storage experience to the partnership, providing a solid foundation for safe, permanent storage solutions. 

The agreement supports long-term investments in carbon capture and storage (CCS) and carbon dioxide removal (CDR) technologies, while also enhancing regulatory frameworks, monitoring, and reporting protocols. These efforts are crucial for developing a sustainable, commercially viable carbon market that underpins both countries’ net-zero ambitions. 

Swiss Minister Albert Rösti highlighted the significance for Switzerland’s climate goals, stating, “The storage of CO₂ will be important for Switzerland’s net-zero target. This technology complements our existing decarbonization tools and strengthens innovation and economic opportunities.” 

Multiple private sector companies are already participating in pilot projects under the new framework, including Switzerland’s Neustark, Climeworks, and Norway’s Inherit and Carbon Centric, alongside European partners ClimeFi, Carbonfuture, and major Swiss corporations like Swiss International Air Lines, Swiss Post, SwissRe, UBS, Zürcher Kantonalbank, and SIX. 

This landmark deal, following key agreements at COP29, not only strengthens the partnership between Switzerland and Norway but also positions both nations at the forefront of global climate leadership. By enabling cross-border carbon removal and storage, the agreement sets a transformative precedent for future ESG initiatives and robust carbon neutral strategies worldwide. 

Source : 

https://www.esgtoday.com/switzerland-norway-launch-landmark-carbon-removal-and-storage-agreement/