Synopsis:
Sumitomo, JFE Steel, Sumitomo Osaka Cement, “K” LINE, and Woodside sign an MOU for a feasibility study to gather CO2 emissions from Setouchi/Shikoku regions, transporting them to Australia for permanent storage. The study aims to aggregate emissions, cut costs, and establish a CCS value chain, aligning with Japan’s carbon-neutral goals.
Article:
A non-binding memorandum of understanding (MOU) was recently inked by Sumitomo, JFE Steel, Sumitomo Osaka Cement, “K” LINE, and Woodside to explore the viability of a business model for CO2 aggregation and storage. The joint feasibility study targets the Setouchi and Shikoku regions, intending to collect emissions from diverse sources via small vessels and temporarily store them at a hub port in Japan.
The envisaged operation involves transporting the collected CO2 emissions to Australia using large vessels for long-term sequestration. By consolidating emissions from multiple industries and entities in these Japanese regions, the initiative aims to reduce operational costs and escalate the scale of carbon capture and storage (CCS) efforts.
Japan’s government has outlined ambitious plans to foster a conducive business environment for CCS projects by 2030, as stated in its "Basic Policy for Realizing of GX." This collaboration, leveraging the expertise and experiences of Sumitomo, JFE, Sumitomo Osaka Cement, “K” LINE, and Woodside, aligns with the country’s aspiration for a carbon-neutral society.
The MOU ceremony, held on December 16th at the ASEAN-Japan Economic Co-Creation Forum, was graced by the presence of Ken Saito, Minister of Economy, Trade, and Industry, marking the formalization of this collaborative agreement.
Conclusion:
The alliance among these prominent entities underscores a concerted effort towards exploring and potentially implementing a strategy for aggregating and storing CO2 emissions from various industries in Setouchi and Shikoku regions. This joint endeavor aligns with Japan’s objectives to foster a carbon-neutral society by leveraging collaborative approaches and technological innovations in carbon capture and storage.
