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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) has agreed to acquire a 33.7% stake in Climate Friendly Pty Ltd ("Climate Friendly"), a company that works with farmers, Traditional Custodians and conservation organisations to generate land sector carbon credits through the regeneration of native vegetation, improvement of soil health and implementation of sustainable agriculture in Australia.
Climate Friendly is one of the largest carbon farming project services-providers in Australia. It had already achieved 20 million tons of GHG reduction by 2020, and is aiming to achieve a 100 million ton cumulative GHG reduction by 2025. The land based carbon projects supported by Climate Friendly are expected to play an important role in achieving the Australian government's GHG reduction target, by absorbing and sequestering CO2 from the atmosphere, and also improving soil quality and drought resilience and preserving ecosystems.
The Australian Government launched its first carbon farming initiative in 2011 before establishing the Emissions Reduction Fund, providing a total of A$4.55 billion in financing. Demand for emission reduction credits from the voluntary private sector has been growing, and is expected to continue to grow steadily. Australia is one of the most important countries for Mitsui business, and we will proactively work to reduce the GHG footprint of our group companies as part of our decarbonisation strategy.
Mitsui has set "energy solutions" as a strategic focus area in its Medium-term Management Plan 2023. Mitsui will continue tackling climate change, a common and the most complex global challenge, by providing a variety of solutions, such as clean hydrogen, fuel ammonia, CCS/CCUS, and carbon credits.
|Company Name||Climate Friendly Pty Ltd|
|Location||Sydney, New South Wales, Australia|
|Representative||Skye Glenday, Josh Harris (Co-CEOs)|
|Business Activities||Facilitating carbon farming projects to generate land sector Australian Carbon Credit Units.|
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Create an eco-friendly society”
Secure sustainable supply of essential products
Enhance quality of life
Create an eco-friendly society
Develop talent leading to value creation
Build an organization with integrity