ITOCHU Corporation announced today that, together with ITOCHU Oil Exploration Co.,Ltd, it is joining the Geological Carbon Dioxide Storage Technology Research Association to participate in a project to research and develop technologies for underground sequestration of carbon dioxide (CO2). ITOCHU aims to build a business model for the CO2 capture chain through this initiative. (Logo quoted from Yahoo’s image)
Amid gathering momentum for decarbonization around the world, Japan declared in October 2020 that the country will be carbon neutral by 2050. To achieve this goal, CO2 capture and storage technology (CCS) is expected to be a significant measure to reduce CO2 in both the energy sector (power stations etc.) and the industrial sector (factories etc.), which account for more than 60% of all CO2 emissions in Japan.
To achieve the long-term goals* set out in the Paris Agreement, it is thought that CCS will account for approximately 9% of CO2 reduction in 2050. Where social implementation of CCS is concerned, the United States and Europe are already preparing the environment for commercialization, but in Japan public and private initiatives are needed to address issues such as identifying and securing suitable storage sites, CO2 transportation, and social receptivity of CO2 storage.
Aiming for social implementation of CCS in Japan, the Research Association will carry out research and development with the goals of obtaining social receptivity for CCS, and developing technologies specializing in underground storage of CO2 on a practical scale that is suited to the storage sites (1 million tons/year).