Shell and Mitsui & Co., Ltd. will be working together to scale carbon capture and storage. The two companies have signed a joint agreement to explore the technical and commercial feasibility of carbon capture and storage (CCS) in Asia Pacific, including Japan.
They also agreed to explore what conditions and policies are needed to develop CCS, and evaluate options for owning and chartering ships that will 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… 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,” said Syrie Crouch, Vice President of Carbon Capture and Storage at Shell.
Yasuchika Maruyama, General Manager of Sustainable Energy Development Division, Energy Business Unit 1 at Mitsui also commented on the new collaboration. She expressed her enthusiasm that Mitsui will be working with Shell on carbon capture and storage and CO2 shipping.
According to Mitsui, carbon capture technology will play an important role in the Asian 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. Developing carbon capture opportunities is part of the company’s strategy to contribute to environmental sustainability and emissions reductions.
Carbon capture remains a needed attribution to climate change mitigation strategies, according to the IPCC Sixth Assessment Report. Still, for the long-run, keeping global warming to 1.5 degrees Celsius will require an unparalleled transformation of our energy system.
Emissions piled up during the past decades will also have to be taken out of the atmosphere to keep climate goals alive.