ICA-Finance AS was founded as a result of a de-merger of Carbon Limits AS in 2021.
With a history spanning nearly two decades, our expertise in the carbon credit space began in 2005 under ECON (now Poyry Norge), which in 2007 led to the establishment of Carbon Limits AS. The company was co-founded by Torleif Haugland and Arve Johnsen, the founder and first CEO of Equinor (formerly Statoil), the former of which remains an active shareholder of ICA-Finance.
In 2011 we established Carbon Limits Nigeria in Lagos Nigeria, together with our Nigerian Partners.
In 2023 under the name CL-Invest AS, we secured investment from Climate Investment (CI), founded by the Oil and Gas Climate Initiative. In July 2023 we changed name to ICA-Finance,
“Immediate Climate Action Finance”.
We work in partnership with National Oil Companies (NOCs) and independent oil producers to realize scalable emission reductions that can be achieved rapidly.
We offer the full service of project identification and assessment, followed by project financing and implementation. Managing all the activities of the project cycle are essential parts of our deliveries for carbon credit projects. It includes field work prior to validation and preparation for and conducting of the monitoring, reporting and verification of emission reductions.
An essential part of our services is to engage in project financing to overcome project implementation barriers. This includes sales of emission reductions as High-Quality Credits in carbon markets.
Our supply of carbon credits will comply with High- Quality criteria and requirements (standards). Standards under the Clean Development Mechanism (CDM) have guided our work until now and all credits we have brought to market have made use of CDM methodologies to test additionality, quantify and verify emission reductions in line with conservative baseline assumptions and document permanence of emission reductions. We will adhere to new and/or revised standards which are under development and discussion through many initiatives. This includes safe-guards against double-counting and double-use of carbon credits and supply and use of credits that are aligned with a transition towards net-zero emissions.
We only engage in climate mitigation at existing oil and gas infrastructures with significant emission reduction potential. We are not involved in projects which expand oil and gas production capacity. In the context of the energy transition, we are conscious of not engaging in activities that would represent oil and gas “lock-in”.
We are climate mitigation experts with two decades of experience in project assessment and development. We specialize in monetizing emission reductions to make projects financially viable.
Our highly skilled, multidisciplinary, and experienced international team knows how to work under challenging conditions.
Finn Dahl is a seasoned executive with a career spanning over two decades in fintech and software industries. He holds dual master's degrees in Business and Finance from the University of Technology, Sydney, and NHH Norway. Finn started his career at KPMG, working in both Norway and Australia, focusing on financial services and auditing. In 2006, he joined Accurate Equity, eventually becoming the CEO. Under his leadership, the company went through successful acquisitions, ultimately being sold to Equatex AG and later acquired by Computershare. Since 2018, Finn has been the Chief Commercial Officer at Aptic AB, a fintech software company. Here, he was responsible for international expansion, product management, and sales and marketing activities across 10 countries. Outside the corporate world, Finn is strongly involved in football, handball and ice hockey both as coach, referee and parent.
After having completed officer training at the Royal Norwegian Naval Academy, HNC in Naval Architecture and a MSc in Mechanical engineering from the Norwegian University of Science and Technology Halfdan embarked on an international career with Shell in 1982. He spent 14 years with Shell International in project management and finance in Middle East and Europe. He then moved to the service company side of the oil and gas industry and spent 5 years with Aker Maritime in business management and development, where ha a.o. filled the position as Managing Director for Maritime Tentech and responsible for setting up Aker Energy and Aker Petroleum. The following 5 years included various roles within IT, finance and real estate, before moving back to the Oil and Gas industry. He then worked for Wärtsilä Oil and Gas Systems for 9 years, and left the position as Business Unit Director Gas Recovery in august 2014 to join RN Nordic Oil as Development Manager. From November 2015 to August 2022 Mr. Millang has taken the roles as CEO and as Chair of the board of RN Nordic Oil AS. He is now working as the COO at ICA-Finance, developing and realizing projects generating carbon credits.
During his 37 years of working experience, Christian has spent 11 years building up distribution channels and as door opener for other companies worldwide and the rest as CFO in different companies, as start-up, companies in difficulties and bankruptcies. Christian has lived in USA, Spain, Hungary, Teheran, Lagos and Ireland. Direct line management, including start-up operations, cross-border joint ventures, strategic partnerships in high growth companies, responsible for corporate, client and shareholder relations. Hands-on P&L management, budgeting, strategic analysis, Senior Management supervision and staff deployment, investment oversight for both corporate and venture capital funded entities. Telecom experience from the Balkans, Southern Europe, Bangladesh, and Nigeria.
Paulina Kliva Gulbe over the past 7+ years has worked with international and national organisations, start-ups and academic institutions in the UK, France, Norway, and Latvia, including the OECD Nuclear Energy Agency (OECD NEA) and the UNESCO Latvian National Commission. As the first employee hired at ICA-Finance and Head of Commercialization, she currently leads efforts to monetize emission reduction impacts at best commercial terms. Paulina holds three higher degrees from the London School of Economics (LSE), Sciences Po Paris and the University of Edinburgh in MSc Political Economy, MPP in European Affairs, specialized in Energy, Environment & Sustainability, and BSc in Environmental Geoscience. Her independent research includes studies on isotopic palaeoceanography of the NW Indian Ocean, interest group power on the EU Methane Regulation on oil and gas imports, and scientific fieldwork and mapping in the UK. As a keen advocate for energy justice and transition topics, she has represented at various European Parliament-led initiatives.
Torleif has throughout his career with national & international government institutions and consultancies broad experience in energy and environmental analysis and advisory services, as well as institutional management. He has managed a large number of multi-disciplinary and complex projects, primarily for multilateral development agencies and banks, national governments and large energy corporation. His main focus since 2005 has been on climate change mitigation for the oil and gas industry, including activities related to transactions in emissions allowances and carbon credits. Torleif is co-founder of Carbon Limits AS, Carbon-Limits Nigeria Ltd and ICA-Finance AS.
Tore Holm has decades of experience in the Energy business through Executive roles in Shell and non-Executive board positions in other Oil, gas and Energy transportation businesses as well as Extension Consultancy on Energy and climate issues. He has also worked several years with climate issues in Carbon Limits. Since 2014, Tore Holm has been Chair of the Board of Enova, the Norwegian Government`s main active climate mitigation instrument.
Auke Lont has extensive experience at CEO level of managing energy companies, lately until 2021 as being the CEO of the national electricity grid company of Norway. Before that he managed an IPP company pursuing natural gas power plant opportunities, an energy consulting firm specializing in advice on power and carbon markets, as well as running the downstream business in the Nordics of an integrated oil company. At supervisory board level he served at the Dutch national gas transmission company, the Norwegian railroad company and is currently board member of a Norwegian publicly listed renewables company.
Anders Pederstad was instrumental developing Carbon Limits, being a senior consultant and partner from 2009 to 2018. Anders has evaluated investment portfolios and carried out techno-economic assessments of GHG mitigation options and has developed climate strategies for large private and public clients. Much of his earlier work was focused on necessary documentation to qualify investments that reduce GHG emissions to earn carbon credits. He developed a large number of flare and methane emission reduction to successful registration under the flexible mechanisms of the Kyoto protocol (CDM&JI). Anders is a shareholder in both Carbon Limits and CL-Invest. He currently works with Business Development at Air Liquide in Oslo, Norway.
CL-Invest maintains a strategic partnership with Carbon Limits AS, following the companies' de-merger in 2021. Carbon Limits continues to provide consulting and technical services and expertise to CL-Invest and indirectly to its clients. Through the partnership we aim to provide our clients with tailor made and cutting edge advice which reflects specific needs. Both parties strictly adhere to confidentiality obligations towards their respective clients to avert any conflict of interest.
Visit websiteJames Ogunleye is the managing director of Carbon Limits Nigeria and has over the past two years managed the successful validation of two flare reduction projects for delivery of carbon credits to the German FQD market. He was also a key developer of the Pan Ocean CDM project, one of the largest African CDM projects. He has worked with Carbon Limits Nigeria since 2010 being involved in a broad range of projects both for Nigerian and international clients. Over the past five years he has advised NNPC on climate change issues and is also involved in several training and support functions for the Ministry of Environment and the Department of Petroleum Resources of Nigeria.
Dr Bolaji Ogundare started his professional career in the health sciences. After rising to the role of a Professor and Diplomate of the American Board of Oral and Maxillofacial Surgeons, he crossed over to the energy sector. He is currently Managing Director of an indigenous Oil and Gas Exploration and Production company in Nigeria and is Chairman of PNG Gas Limited Bolaji has a broader network to key public and private institutions engaged in the development of the energy sector in Nigeria and in other parts of West Africa. He is a co-founder of Carbon Limits Nigeria Ltd and currently the company’s board chairman.
Adegbite Adeniji is a specialist energy and natural resources lawyer with expertise in policy, regulatory and commercial issues in the energy, natural resources and infrastructure sectors. He has advised the Government of Nigeria on several sector reform initiatives in the energy, mineral and infrastructure sectors and has also advised a diverse clientele on commercial transactions and projects. He was counsel for the development of the Nigerian Gas Master and has worked on a number of projects with the World Bank. Gbite is a co-founder of Carbon Limits Nigeria Ltd and has served as a board director since 2011.
CL-Invest has a standing partnership with the Iraqi Green Climate Organization (IGCO), a non – governmental organization based in Baghdad, Iraq.
Visit websiteCL-Invest has a long-standing partnership with Pollination, a global advisory and investment firm focussed on accelerating the transition to a net-zero, climate resilient future.
Visit websiteWe are climate mitigation experts with two decades of experience in project assessment and development. We specialize in monetizing emission reductions to make projects financially viable.
Our highly skilled, multidisciplinary, and experienced international team knows how to work under challenging conditions.
After having completed officer training at the Royal Norwegian Naval Academy, HNC in Naval Architecture and a MSc in Mechanical engineering from the Norwegian University of Science and Technology Halfdan embarked on an international career with Shell in 1982. He spent 14 years with Shell International in project management and finance in Middle East and Europe. He then moved to the service company side of the oil and gas industry and spent 5 years with Aker Maritime in business management and development, where ha a.o. filled the position as Managing Director for Maritime Tentech and responsible for setting up Aker Energy and Aker Petroleum. The following 5 years included various roles within IT, finance and real estate, before moving back to the Oil and Gas industry. He then worked for Wärtsilä Oil and Gas Systems for 9 years, and left the position as Business Unit Director Gas Recovery in august 2014 to join RN Nordic Oil as Development Manager. From November 2015 to August 2022 Mr. Millang has taken the roles as CEO and as Chair of the board of RN Nordic Oil AS. He is now working as the COO at ICA-Finance, developing and realizing projects generating carbon credits.
Finn Dahl is a seasoned executive with a career spanning over two decades in fintech and software industries. He holds dual master's degrees in Business and Finance from the University of Technology, Sydney, and NHH Norway. Finn started his career at KPMG, working in both Norway and Australia, focusing on financial services and auditing. In 2006, he joined Accurate Equity, eventually becoming the CEO. Under his leadership, the company went through successful acquisitions, ultimately being sold to Equatex AG and later acquired by Computershare. Since 2018, Finn has been the Chief Commercial Officer at Aptic AB, a fintech software company. Here, he was responsible for international expansion, product management, and sales and marketing activities across 10 countries. Outside the corporate world, Finn is strongly involved in football, handball and ice hockey both as coach, referee and parent.
Brian Robertson is an entrepreneurial executive who began working with greenhouse-gas (GHG) mitigation and environmental impact assessment in 2005. Prior to joining ICA-Finance, Brian had worked in private industry doing international offset and renewable-energy finance, greenhouse-gas accounting and auditing, energy and emissions trading, and working tangentially with IT and mortgages. In the non-profit sector, for the Climate Bonds Initiative, Brian oversaw fixed-income green-labelling applications, and audited the applications’ verification reports against fifteen sets of industry-sector criteria. For the World Wide Fund for Nature (WWF) he co-wrote the pioneering version of the WWF/Carbon Disclosure Project GHG-reporting guidelines for German, Swiss, and Austrian industry. Brian was an Adjunct Professor of Environmental Impact Assessment at Redeemer University, an Adjunct Lecturer of New Venture Planning and Design at Trent University, and between 2021 and 2022, a guest lecturer of sustainable finance at the Lisbon School of Economics and Management. Prior to these roles Brian earned a PhD in economics, with high distinction, from the Centre of Ecological Research of the Carl von Ossietzky Universität Oldenburg. His research areas were project management of Clean Development Mechanism projects, sustainability reporting, and climate-change risk mitigation in banks’ portfolios.
During his 37 years of working experience, Christian has spent 11 years building up distribution channels and as door opener for other companies worldwide and the rest as CFO in different companies, as start-up, companies in difficulties and bankruptcies. Christian has lived in USA, Spain, Hungary, Teheran, Lagos and Ireland. Direct line management, including start-up operations, cross-border joint ventures, strategic partnerships in high growth companies, responsible for corporate, client and shareholder relations. Hands-on P&L management, budgeting, strategic analysis, Senior Management supervision and staff deployment, investment oversight for both corporate and venture capital funded entities. Telecom experience from the Balkans, Southern Europe, Bangladesh, and Nigeria.
Torleif has throughout his career with national & international government institutions and consultancies broad experience in energy and environmental analysis and advisory services, as well as institutional management. He has managed a large number of multi-disciplinary and complex projects, primarily for multilateral development agencies and banks, national governments and large energy corporation. His main focus since 2005 has been on climate change mitigation for the oil and gas industry, including activities related to transactions in emissions allowances and carbon credits. Torleif is co-founder of Carbon Limits AS, Carbon-Limits Nigeria Ltd and ICA-Finance AS.
Paulina Kliva Gulbe over the past 7+ years has worked with international and national organisations, start-ups and academic institutions in the UK, France, Norway, and Latvia, including the OECD Nuclear Energy Agency (OECD NEA) and the UNESCO Latvian National Commission. As the first employee hired at ICA-Finance and Head of Commercialization, she currently leads efforts to monetize emission reduction impacts at best commercial terms. Paulina holds three higher degrees from the London School of Economics (LSE), Sciences Po Paris and the University of Edinburgh in MSc Political Economy, MPP in European Affairs, specialized in Energy, Environment & Sustainability, and BSc in Environmental Geoscience. Her independent research includes studies on isotopic palaeoceanography of the NW Indian Ocean, interest group power on the EU Methane Regulation on oil and gas imports, and scientific fieldwork and mapping in the UK. As a keen advocate for energy justice and transition topics, she has represented at various European Parliament-led initiatives.
Sharique Sayed has a strong business development, business model design, project management and marketing experience. He has a background in commissioning and controls for the oil and gas industry. For the past over 11 years Sharique worked at Wärtsilä gaining a strong industry and project management expertise, which brings a wealth of experience for managing project portfolios at CL-Invest AS. Sharique also has a strong Engineering background from University of Mumbai with an executive MBA specialised in Project Management.
Sara Salomone holds a degree in Chemical Engineering from the University of L’ Aquila, Italy, and has started her career working in Technip Italy for 4 years. She moved to Norway in 2011 and started working for Wärtsilä Gas Solutions AS as a process & package engineer in offshore projects. She then worked with product development and technical sales for VOC and flare gas recovery systems for the offshore, and marine sectors. A position she held for 9 years and gained her a strong and extensive knowledge on these systems.
Kseniya Pak is a PhD candidate in Business Administration at Nord University Business School and a top graduate with a double degree in MSc Energy Management at Nord University Business School and MGIMO University. Kseniya focused on the topic of energy transition through the application of investment analysis of both the reduction of GHG emissions at oil and gas field and green energy production value chain while embedding the prediction techniques of uncertain parameters via simulation and machine learning. She holds a BA in International Economic Relations at UWED with the thesis devoted to risk management for banking sector. In addition, Kseniya Pak has a 3-year experience in project management from medical distributorship company. She has been employed and has participated and volunteered in numerous extracurricular activities at international forums and conferences in the area of energy, business, economics in Austria, Germany, Norway, South Korea and Uzbekistan.
With over 30 years of experience in shipping operations and logistics, Gerardo Urdaneta has worked with a diverse range of commodities including LNG, LPG, chemicals, coal, and iron ore. He holds a BS in Industrial Engineering from the University of Zulia and has gained extensive experience in the global market, shipping operations, brokering, and trading. Gerardo has implemented best practices for compliance, proficiently managed claim control and risk management, and held key positions around the world, including Logistic & Shipping Operations VP at Citi Group, Shipbroker/Operation Manager at Atlas Maritime and Commercial Services, and Marketing Analysis Manager at Norgas Americas Inc. With fluency in English and Spanish, Gerardo has a strong track record of establishing long-term partnerships.
Grethe Moen, has extensive leadership experience in Norwegian and international petroleum operations, which have equipped her with unparalleled insights into the complexities of the energy sector. Her previous leadership roles include the CEO of Petoro and various management positions. Her experience spans over 25 years at Equinor, previously known as Statoil, and 4 years at Shell. Grethe served as a Non-Executive Director at Element Logic for over 15 years and has worked in various board roles at DNV, Accenture, Tocircle Industries AS, Trolltunga Robotics AS, OKEA ASA, and IDEATION AS. Grethe currently holds several Non-Executive Board positions, at New European Offshore, TGS ASA, ThinkTank Maths Ltd/AS and Exedra AS and the Chair of the board of Novatech AS, where she continues to make significant contributions to energy and technology advancements.
Tore Holm has decades of experience in the Energy business through Executive roles in Shell and non-Executive board positions in other Oil, gas and Energy transportation businesses as well as Extension Consultancy on Energy and climate issues. He has also worked several years with climate issues in Carbon Limits. Since 2014, Tore Holm has been Chair of the Board of Enova, the Norwegian Government`s main active climate mitigation instrument.
Auke Lont has extensive experience at CEO level of managing energy companies, lately until 2021 as being the CEO of the national electricity grid company of Norway. Before that he managed an IPP company pursuing natural gas power plant opportunities, an energy consulting firm specializing in advice on power and carbon markets, as well as running the downstream business in the Nordics of an integrated oil company. At supervisory board level he served at the Dutch national gas transmission company, the Norwegian railroad company and is currently board member of a Norwegian publicly listed renewables company.
Anders Pederstad was instrumental developing Carbon Limits, being a senior consultant and partner from 2009 to 2018. Anders has evaluated investment portfolios and carried out techno-economic assessments of GHG mitigation options and has developed climate strategies for large private and public clients. Much of his earlier work was focused on necessary documentation to qualify investments that reduce GHG emissions to earn carbon credits. He developed a large number of flare and methane emission reduction to successful registration under the flexible mechanisms of the Kyoto protocol (CDM&JI). Anders is a shareholder in both Carbon Limits and CL-Invest. He currently works with Business Development at Air Liquide in Oslo, Norway.
Matthew Harwood’s career in Energy and Climate has spanned 30 years working in strategy, sustainability, and operational roles along the value chain. Matthew is currently the Chief Strategy Officer for Climate Investment (CI), founded by OGCI, and before joining the organisation led the development of the Energy Transition strategy at McDermott and delivered the divestment of Lummus Technology as part of the company’s restructuring. At Johnson Matthey, Matthew led the development of the Hydrogen and Battery strategy and at Petrofac was responsible launching businesses in Offshore Wind and Carbon Capture. Matthew also spent time in strategy and M&A roles in Iberdrola with a strong focus on renewables and the energy supply business. Matthew has a PhD and Post Doc in Atmospheric Science from the University of Cambridge and University of Colorado Boulder, and is a Chartered Engineer.
Will Shimer is currently an Investment Principal for Climate Investment (CI), founded by OGCI. He is responsible for originating and executing investment opportunities for CI globally. Will has a techno-commercial background in market sectors including carbon capture storage and utilization (CCUS), methane emission mitigation, and blue hydrogen. Will has an MBA in General Management from the Harvard Business School and a Bachelor of Science in Chemical Engineering from the University of Illinois at Urbana-Champaign.
Founded by OGCI
Climate Investment is a specialist investor, founded by the Oil and Gas Climate Initiative (OGCI), focused on accelerating capital-efficient decarbonization of heavy emitting sectors. In January 2023, Climate Investment became the Lead Investor in ICA-Finance. Climate Investment manages a $1bn + fund, backed by OGCI member companies, which include 12 major international oil companies: Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Oxy, Petrobras, Repsol, Shell, and TotalEnergies.
Visit websiteICA-Finance maintains a strategic partnership with Carbon Limits AS, following the companies' de-merger in 2021. Carbon Limits continues to provide consulting and technical services and expertise to ICA-Finance and indirectly to its clients. Through the partnership we aim to provide our clients with tailor made and cutting edge advice which reflects specific needs. Both parties strictly adhere to confidentiality obligations towards their respective clients to avert any conflict of interest.
Heine Melkevik has global expertise across the energy value chain, spanning from fossil fuels to renewable. He holds a BSc in International Business and an MSc in Applied Economics and Finance, both from Copenhagen Business School. He also completed exchange programs at the Faculty of MBA and Finance in Venezuela and the Faculty of Economics at Thammasat University in Thailand. Throughout his 14-year tenure at Equinor, Heine held various positions across the globe. These included serving as Deputy Country Manager, where he oversaw international exploration efforts in Tanzania, Mozambique, and Australia. As Managing Director and VP of Equinor Nigeria, Heine focused on emerging energy solutions such as biofuels and hydrogen. Fluent in multiple languages and equipped with extensive leadership experience, Heine is a key player in the international energy industry with a decade of senior management experience.
James Ogunleye is the managing director of Carbon Limits Nigeria and has over the past two years managed the successful validation of two flare reduction projects for delivery of carbon credits to the German FQD market. He was also a key developer of the Pan Ocean CDM project, one of the largest African CDM projects. He has worked with Carbon Limits Nigeria since 2010 being involved in a broad range of projects both for Nigerian and international clients. Over the past five years he has advised NNPC on climate change issues and is also involved in several training and support functions for the Ministry of Environment and the Department of Petroleum Resources of Nigeria.
Dr Bolaji Ogundare started his professional career in the health sciences. After rising to the role of a Professor and Diplomate of the American Board of Oral and Maxillofacial Surgeons, he crossed over to the energy sector. He is currently Managing Director of an indigenous Oil and Gas Exploration and Production company in Nigeria and is Chairman of PNG Gas Limited Bolaji has a broader network to key public and private institutions engaged in the development of the energy sector in Nigeria and in other parts of West Africa. He is a co-founder of Carbon Limits Nigeria Ltd and currently the company’s board chairman.
Adegbite Adeniji is a specialist energy and natural resources lawyer with expertise in policy, regulatory and commercial issues in the energy, natural resources and infrastructure sectors. He has advised the Government of Nigeria on several sector reform initiatives in the energy, mineral and infrastructure sectors and has also advised a diverse clientele on commercial transactions and projects. He was counsel for the development of the Nigerian Gas Master and has worked on a number of projects with the World Bank. Gbite is a co-founder of Carbon Limits Nigeria Ltd and has served as a board director since 2011.
Oje Eno is a Consultant with Carbon Limits Nigeria specializing in the fields of emission reduction project development and financing (Development of Upstream Emission Reduction Projects). He has been involved in project development and research on climate change activities as well as identifying, screening, and reporting of the country's climate-friendly emission reduction initiatives. Currently, Oje is focused on data gathering and analysis for carbon emission reduction projects (UER projects), development of Monitoring Reports, GHG Inventory and Implementation Plan Reports, and reporting of emission reduction outcomes. He is also working with the team in the implementation of and adoption of methane emission reduction in selected African Countries.
ICA-Finance has a standing partnership with the Iraqi Green Climate Organization (IGCO), a non – governmental organization based in Baghdad, Iraq.