Mitsui O.S.K. Lines, Ltd. (MOL) and JX Nippon Oil & Gas Exploration Corporation (JX) have officially inked a Memorandum of Understanding (MoU) to pioneer the development of a Carbon Dioxide Capture and Storage (CCS) value chain connecting Japan and Australia. This groundbreaking collaboration aims to tackle carbon emissions, focusing on the marine transport of carbon dioxide (CO2).
The essence of the MoU lies in establishing a comprehensive CCS value chain. The process involves capturing CO2 emissions from the ENEOS refinery and various industries in Japan. The captured CO2 will then be transported by a designated CO2 carrier to the Port of Bonython in Australia, where it will be injected and stored at a carefully selected storage site.
MOL and JX are set to jointly undertake crucial studies to ensure the success of this ambitious venture. Firstly, they will identify a liquefied CO2 carrier that suits the specific conditions at ports in Japan and Australia, considering the anticipated CO2 transport distance and volume, along with an estimation of marine transport costs. Secondly, the collaboration will involve estimating the overall cost of the CCS value chain connecting Japan and Australia.
MOL will play a pivotal role in the selection of the CO2 carrier, taking into account port conditions and transport logistics. On the other hand, JX will focus on estimating the comprehensive cost of implementing the CCS value chain.
CCS Value Chain in Action
The CCS technology involves the separation and capture of CO₂ emissions from industrial activities, subsequently storing it in a stable underground geological formation. Recognized as an effective approach to achieving a carbon-neutral society, CCS is gaining prominence, especially in industries facing challenges in transitioning to renewable energy sources.
The collaboration between MOL and JX signifies a commitment to expedite the realization of a CCS value chain, contributing significantly to the broader goal of establishing a carbon-neutral society. This initiative aligns with global efforts to combat climate change and underscores the role of the maritime sector in fostering sustainable practices.
In conclusion, the MoU between MOL and JX marks a groundbreaking step towards a greener future, emphasizing the pivotal role of cross-border collaboration in addressing environmental challenges. As the world navigates towards decarbonization, such initiatives are crucial, and this partnership sets a commendable example for the maritime, breakbulk, project freight, cargo, and logistics sectors.