ClimeFi Structures First ITMO CDR Transfer Between Switzerland & Norway – CleanTechnica

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A cross-border carbon removal transaction between Norway and Switzerland has been completed under Article 6.2 of the Paris Agreement, marking a first-of-its-kind implementation in the durable carbon removal (CDR) market. The deal involves the transfer of Internationally Transferred Mitigation Outcomes (ITMOs) from Inherit Carbon Solutions in Norway with support of Sumitomo Corporation to a coalition of Swiss buyers, coordinated by ClimeFi in collaboration with the Swiss Federal Office for the Environment (FOEN).

The transaction centers on CDR credits generated from biomass-based carbon removal with permanent geological storage in Norway. These credits, verified and tracked under Article 6.2, have been transferred to Swiss-based corporate buyers including Swiss International Air Lines, Swiss Post, Swiss Re, UBS, and Zürcher Kantonalbank. A signing ceremony took place in Norway on June 17, 2025, signaling a major milestone in operationalizing Article 6 for durable carbon markets.

“The storage of CO2 will also be important for Switzerland on the way to the net-zero target. This technology complements our existing instruments for decarbonisation. I am therefore delighted with the agreement with Norway. It strengthens innovation, is an opportunity for the economy and strengthens the partnership between Switzerland and Norway,” said the Swiss Minister for the Environment, Transport, Energy and Communications, Albert Rösti.

Unlike conventional carbon offsets, this ITMO transfer is embedded within a government-recognized bilateral framework, enhancing credibility, transparency, and international accountability. The process demonstrates how sovereign oversight, commercial structuring, and private sector demand can converge to enable verifiable cross-border climate action.

“We’re incredibly proud to have lead this trailblazing public-private partnership. As CDR market increasingly merge with compliance markets, we’re dedicated to becoming a leading coordinator of these critical interchanges with work already underway for further projects,” said Paolo Piffaretti, CEO of ClimeFi.

This initiative illustrates how structured cooperation between public authorities and climate-aligned corporates can turn policy instruments into operational infrastructure. As nations seek to balance emissions using removals with long-term integrity, the role of Article 6.2 in facilitating such exchanges is likely to expand. Switzerland, in particular, is positioning itself as a first mover in regulated CDR procurement, with Norway contributing advanced supply capacity based on permanent storage technologies. The success of this initiative not only supports emissions targets under the Paris Agreement but also sets a precedent for how countries can integrate high-integrity removals into national and international climate strategies.

In other CDR news, Syncraft recently announced a new climate positive power plant in the Engadin (Swiss Alps).