Mitsubishi Corporation (President: Katsuya Nakanishi), Nippon Steel Corporation (President: Eiji Hashimoto,) and ExxonMobil Asia Pacific Pte. Ltd. (Asia Pacific Low Carbon Solutions Business President: Irtiza Sayyed) have been commissioned to conduct a feasibility study on the establishment of an overseas CCS value chain targeting CO2 emissions from multiple industries in the Ise Bay/Chubu region (hereinafter referred to as the “Study ”) by the Japan Organization for Metals and Energy Security (JOGMEC) in an open call for the FY 2023 Study on the Implementation of Advanced CCS Projects (hereinafter referred to as the“ Call ”).

 

The Call was conducted by JOGMEC based on business support for the launch of CCS business by 2030 at the CCS Long-Term Roadmap Review Committee organized by the Ministry of Economy, Trade and Industry in accordance with the Japanese government's carbon neutral target of net zero greenhouse gas emissions by 2050. As a result of the review, 7 projects including this Study were selected as candidates for the "Japanese Advanced CCS Projects" in June of this year,

 

In Japan, approximately 1.1 billion tons of CO2 equivalent greenhouse gases are emitted annually, and in order to realize a carbon-neutral society by 2050, it is necessary not only to implement low-carbon energy such as the introduction of renewable energy, but also to remove carbon equivalent to the greenhouse gases expected to be generated. CCS is attracting attention as a technology for storing CO2 removed over a long period of time.

 

Following the conclusion of the Joint Study Agreement, the three companies will examine specific CO2 separation and recovery destinations, overseas storage destinations and related technologies as a supplement to domestic CO2 storage, and the establishment of value chains necessary for commercialization, utilizing their respective expertise.

 

(*) Nippon Steel, Mitsubishi Corporation and ExxonMobil to Evaluate and Establish CCS Value Chains in the Asia Pacific Region | Mitsubishi Corporation (mitsubishicorp.com)

 

For further information, contact:

Mitsubishi Corporation, Press Relations Team, Corporate Communications Dept. Tel: 03-3210-2171

Nippon Steel Corporation, Public Relations Center Tel: 03-6867-2977

ExxonMobil Asia Pacific Pte. Ltd. Tel: +65 6885 2389

 

 

Based on the Three Corporate Principles, which serve as MC’s core philosophy, MC has continued to grow together with society by contributing to the sustainable development of society through its business activities while pursuing value creation. MC’s revised “Materiality” was announced in Midterm Corporate Strategy 2024 as a set of crucial societal issues that MC will prioritize through its business activities, towards the strategy’s goal of continuous creation of MC Shared Value (MCSV). Guided by this Materiality, MC will continue to strengthen its efforts towards sustainable corporate growth. Out of the six material issues relating to “Realizing a Carbon Neutral Society and Striving to Enrich Society Both Materially and Spiritually”, this project’s activities particularly support “Contributing to Decarbonized Societies” and “Promoting Stable, Sustainable Societies and Lifestyles”.