Japan's Marubeni, J-POWER to fund Glencore's carbon capture project in Australia
08/06/2022 02:25
June 8 (Reuters) - Japan's Marubeni Corp 8002.T and
J-POWER 9513.T will fund A$20 million ($14.44 million) in a
carbon capture and storage project owned by mining giant
Glencore GLEN.L in Australia, the companies said on Wednesday.
Glencore's CTSCo carbon capture and storage project in
Queensland, Australia will capture carbon dioxide from the
Millmerran coal power plant and store it underground.
Marubeni and J-POWER, which also operate joint venture
projects with Glencore in Australia, will contribute A$10
million each towards the project, the companies said.
Carbon capture and storage has become a popular technology
among major mining and energy firms, who are known to be heavy
polluters, to invest in and offset their carbon footprints to
meet net-zero targets. urn:newsml:reuters.com:*:nL3N2X91S0
($1 = 1.3848 Australian dollars)
(Reporting by Harshita Swaminathan; Editing by Shailesh Kuber)
((Harshita.Swaminathan@thomsonreuters.com;))