Nippon Steel, Mitsubishi and ExxonMobil to establish CAC value chains in the Asia-Pacific

Nippon Steel Corporation, Mitsubishi Corporation and ExxonMobil Asia Pacific have signed a Memorandum of Understanding to jointly study carbon capture and storage (CCS) and the establishment of potential CCS value chains in the Asia-Pacific regions.

Based on the MoU, the three companies will carry out research on the CO2 emissions capture of Nippon Steel’s domestic steel mills and assess the necessary infrastructure development, with a view to establishing CCS value chains in the Asia-Pacific region. .

It would also include a detailed assessment of storage opportunities in Asia-Pacific, including Malaysia, Indonesia and Australia.

Mitsubishi Corporation plans to assess the overseas CO2 transportation and CCS value chain development.

This is the first study to develop carbon capture value chains in Japan for storage elsewhere in the region overseas.

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Nippon Steel set out the “Nippon Steel Carbon Neutral Vision 2050” in its mid- and long-term management plan announced in March 2021 and positioned CCS as one of the key technologies to realize this vision.

Through this study, Nippon Steel will advance CCS implementation, including obtaining sites for overseas storage of CO2 generated by steel mills, developing storage infrastructure, advocating for policies and regulations, and examination of the adequacy of its costs.

Mitsubishi Corporation has identified Energy Transformation (EX) as a key initiative in its Roadmap for a Carbon Neutral Society formulated in October 2021 and its Mid-Term Management Strategy 2024 published in May of last year.

Mitsubishi Corporation will assess overseas CO2 transportation and CCS value chain development through this joint effort.

ExxonMobil continues to advance innovative solutions for a lower carbon future. At the beginning of 2021, it created the Low Carbon Solutions division, which works to bring low-emission technologies to the market, making them accessible to industries that are difficult to decarbonise.

It is committed to accelerating significant emissions reductions through strategic collaborations and leading the development and deployment of scalable low-emission technologies, such as CCS, needed to advance solutions for various industries in the Asia Pacific region and beyond. there.

Mitsubishi Corporation will continue to lead EX through the low carbon and decarbonization of our business through CCS and other initiatives, while contributing to the transition and realization of a carbon neutral society through the stable supply of cleaner energy.