Nippon Steel, Mitsubishi and ExxonMobil sign MoU to evaluate and establish CCS value chains
Nippon Steel Corporation, Mitsubishi Corporation and ExxonMobil Asia Pacific Pte. Ltd have signed a Memorandum of Understanding to jointly study carbon capture and storage and the establishment of potential CCS value chains in the Asia Pacific regions on January 25, 2023.
Based on the Memorandum, the three companies will conduct research on the capture of CO2 emissions from Nippon Steel's domestic steelworks and evaluate the necessary infrastructure development required, with a view to establishing CCS value chains in the Asia-Pacific region. It would also include a detailed evaluation of Asia Pacific storage opportunities, including in Malaysia, Indonesia and Australia. Mitsubishi Corporation plans to evaluate the overseas CO2 transportation and the development of CCS value chain. This is the first study to develop value chains for carbon capture in Japan with the aim to store elsewhere overseas in the region.
Nippon Steel set forth the "Nippon Steel Carbon Neutral Vision 2050" in its medium- to long-term management plan announced in March 2021 and positioned CCS as one of the key technologies to realize this vision. Through this study, Nippon Steel will progress the implementation of CCS including securing storage sites for overseas storage of CO2 generated from steel works, developing storage infrastructure, advocating for policies and regulation, and examining its cost adequacy.
Mitsubishi Corporation has identified Energy Transformation (EX) as a key initiative in its Roadmap for a Carbon Neutral Society formulated in October 2021 and its Medium-Term Management Strategy 2024 released in May last year. Mitsubishi Corporation will evaluate the overseas CO2 transportation and the development of CCS value chain through this joint effort.
ExxonMobil continues to advance innovative solutions for a lower-carbon future. In early 2021, it established a Low Carbon Solutions business, which is working to bring lower-emission technologies to market, making them accessible to hard-to-decarbonize industries. It is committed to accelerating significant emission reductions through strategic collaborations and through leading the development and the deployment of scalable lower-emission technologies, such as CCS, needed to advance solutions for various industries in the Asia Pacific region and beyond.
Mitsubishi Corporation will continue to lead EX through the low-carbon and decarbonization of our business through CCS and other initiatives, while contributing to the transition and realization of a carbon-neutral society through the stable supply of cleaner energy.
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