Mitsui & Co., Ltd. and Shell* have signed a joint agreement to explore the technical and commercial feasibility of carbon capture and storage (CCS) in Asia Pacific, including Japan.
This collaboration will also explore the conditions and policies needed to develop CCS, and evaluate options for owning and chartering ships designed to carry liquid carbon dioxide (CO2).
"Increasing the global deployment of CCS is one element of Shell's transition to becoming a net-zero emissions energy business by 2050," said Syrie Crouch, Vice President of Carbon Capture and Storage at Shell. "Working with companies like Mitsui, we want to help unlock the potential of CCS in Asia Pacific, including Japan. This agreement is another step in that journey and supports our ambition of having access to at least 25 million tonnes a year of CCS capacity by 2035."
Yasuchika Maruyama, General Manager of Sustainable Energy Development Division, Energy Business Unit 1, said: "We are pleased to explore the potential for CCS and CO2 shipping with Shell. CCS will play an important role in the region to simultaneously achieve continued economic growth and reduced emissions. Mitsui is trying to develop approximately 15 million tonnes per annum of CCS capacity by 2035. By developing CCS opportunities, Mitsui aims to continue contributing to an environmentally sustainable society."
CCS is a combination of technologies that capture and store carbon dioxide deep underground, preventing its release into the atmosphere and offers a way to reduce emissions from sectors that are hard to decarbonise. Scenarios from the Intergovernmental Panel on Climate Change, the International Energy Association, and others indicate that CCS is critical to meeting the goal of the Paris Agreement.
* The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement, “Shell”, is used for convenience where references are made to Shell plc and its subsidiaries in general.
“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