Japan sets carbon capture roadmap with 6-12 mln tonne/year target by 2030

Japan Petroleum Exploration Co

26/01/2023 13:45

TOKYO, Jan 26 (Reuters) - Japan's industry ministry on
Thursday set a target of annual carbon dioxide (CO2) storage
capacity of 6-12 million tonnes by 2030 under a long-term
roadmap for carbon capture and storage (CCS).
    Japan sees CCS technology - which removes CO2 emissions from
the atmosphere and stores them underground, and which a host of
Japanese companies said on Thursday they were working on - as
essential to achieving its goal of carbon neutrality by 2050.
    That strategy is being mirrored by governments across the
world.
    The ministry has estimated that Japan will be storing
120-240 million tonnes of CO2 a year in 2050. To hit that target
it will need to increase annual CO2 storage by 6-12 million
tonnes every year from 2030, while it also aims to dramatically
cut CO2 separation and recovery costs.
    The ministry also wants legislative frameworks in place to
allow companies to launch full-scale CCS operations from 2030,
it said in a document agreed by a panel of energy experts on
Thursday.
    Japan's biggest oil refiner Eneos, JX Nippon Oil & Gas
Exploration, and Electric Power Development  9513.T  said on
Thursday they will form a joint venture to accelerate
preparations for the commercialization of domestic CCS.
    They said they aim to implement the country's first
full-scale CCS supply chain by 2030.
    Itochu  8001.T , Mitsubishi Heavy Industries  7011.T , Inpex
 1605.T  and Taisei  1801.T  also said they will study options
for a large-scale CCS value chain, including ship transportation
of CO2 emitted from materials and other industries. 
    Idemitsu Kosan  5019.T , Hokkaido Electric Power  9509.T 
and Japan Petroleum Exploration  1662.T  will also start a joint
study for implementing carbon capture, they said.        
 (Reporting by Yuka Obayashi; editing by John Stonestreet)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))