Tokyo Gas And Sumitomo Corporation To Explore Direct Capture And Storage Of CO2

Tokyo Gas And Sumitomo Corporation To Explore Direct Capture And Storage Of CO2 - Carbon Herald

Tokyo Gas and Sumitomo Corporation announced today that they have announced that they will be able to reduce atmospheric CO2 direct capture and storage (DACCS). The two companies have concluded a memorandum of understanding regarding the joint implementation of a business feasibility study.

According to estimates by the IEA (International Energy Agency), IPCC (Intergovernmental Panel on Climate Change), etc., in order to achieve carbon neutrality, it is necessary to use negative emission technologies such as DACCS to generate up to 10 billion yen per year in 2050. tons of CO2 removal is required.

In Japan, in 2023, the Ministry of Economy, Trade and Industry will establish a “Study Group for Creating a Negative Emissions Market,” which will organize and analyze domestic and international technological developments and business trends, and will discuss future directions and formulate rules. Negative emission technology has been attracting attention both domestically and internationally in recent years, including discussions and examinations of policies aimed at creating a market for.

Furthermore, the global carbon credit market issued using negative emission technology is predicted to grow from $2.1 billion in 2022 to $80 billion in 2030. Tokyo Gas and Sumitomo Corporation have been working on the use of DAC technology from an early stage, including investing in a U.S. venture company with direct atmospheric CO2 capture (DAC) technology in 2023.

This study will combine Tokyo Gas’s DAC technology and plant engineering knowledge and know-how with Sumitomo Corporation’s network and knowledge of next-generation energy business, including CCS, which is being deployed globally. The companies will jointly promote the feasibility study of DACCS, including selecting suitable locations and evaluating domestic and international DAC technology, with the aim of creating joint projects for the future.

In the future, the pair of companies will continue to implement and expand the use of DACCS in society, contributing to the realization of a carbon-neutral society.

Read more: Global Thermostat Attracts New Investor Sumitomo Corporation

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