TOKYO, Jan 26 (Reuters) - Japan's top steelmaker Nippon Steel Corp (5401.T) , Mitsubishi Corp (8058.T) and Exxon Mobil Corp (XOM.N) said on Thursday they will jointly study carbon capture and storage (CCS) and the establishment of CCS value chains in the Asia Pacific regions.
Based on the Memorandum of Understanding (MoU) that they signed on Wednesday, the companies will conduct research on the capture of carbon dioxide (CO2) emissions from Nippon Steel's local steel plants and evaluate the necessary infrastructure development required, they said in a joint statement.
This is the first study to develop value chains for carbon capture in Japan and storage overseas in the region, they said, adding the study includes a detailed evaluation of Asia Pacific storage opportunities, including in Malaysia, Indonesia and Australia.
Cutting carbon emissions from steelmaking, which accounts for about 7% to 9% of global CO2 emissions, is a key effort in the fight against climate change.
Through the study, Nippon Steel will progress the implementation of CCS including securing storage sites for overseas storage of CO2 emitted from steel plants, developing storage infrastructure, advocating for policies and regulation, and examining its cost adequacy.
Japanese trading house Mitsubishi plans to evaluate the transportation of CO2 overseas and the development of the CCS value chain, the statement said.
ExxonMobil is committed to accelerating significant emission reductions through strategic collaborations and providing scalable lower-emission technologies for industries in the Asia Pacific region, a company spokesperson said.
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