Sumitomo Corporation, JFE Steel Corporation, Sumitomo Osaka Cement Co., Ltd.（SOC）, Kawasaki Kisen Kaisha, Ltd. (“K” LINE) and Woodside Energy Ltd have signed a non-binding memorandum of understanding (MOU) to jointly conduct a business feasibility study aimed at aggregating CO2 from the Setouchi and Shikoku regions and then transporting those emissions to Australia for permanent storage.
This study will investigate the feasibility of collecting CO2 by small-sized vessels from emitters scattered in multiple areas in Setouchi and Shikoku regions, storing those emissions temporarily at a hub port in Japan before the CO2 is transported to Australia by large-sized vessels for sequestration/storage. By collectively handling CO2 emitted from multiple regions, industries, and companies in the Setouchi and Shikoku regions, the companies aim to scale up and reduce costs, and work together to build a Carbon Capture & Storage (CCS) value chain that would be difficult for individual companies to achieve.
The Japanese government has set a goal of implementing a policy to develop a business environment to initiate CCS projects by 2030. Sumitomo, JFE, SOC, “K” LINE and Woodside intend to leverage each company’s knowledge and experiences to contribute to the realisation of a carbon-neutral society through this feasibility study.
On December 16th, an MOU ceremony was held at the ASEAN-Japan Economic Co-Creation Forum in the presence of Minister of Economy, Trade and Industry, Ken Saito to commemorate the conclusion of this MOU.