Japanese oil giant Inpex [1605:JP] aims to invest up to JPY100bn (USD868m) in building carbon capture facilities near Darwin, Australia, as early as 2026, as reported by Nikkei Asia on February 9. The project will capture and store carbon dioxide produced by Inpex’s Ichthys gas production project in Australia, with an annual capture and storage capacity exceeding 7m tons. The company has also approached a number of non-Japanese companies that have carbon capture technologies in the hopes of forming partnerships.

Carbon Capture, Usage and Storage (CCUS) is one of the key technologies to reduce carbon dioxide emissions. The UK, Japan, Australia, and other countries have developed policies to support the development of CCUS in response to the global trend toward carbon neutrality. According to Nikkei Asia, there are 135 commercial CCUS projects around the world, capturing roughly 40m tons of carbon dioxide per year. Japan has set a goal of becoming carbon neutral by 2050, with a reduction of 46% to 50% in greenhouse gas emissions by 2030 compared to 2013 levels. Inpex stated that through developing renewable power production and carbon capture technology, the company would be able to reach net-zero carbon emissions by 2050. Specifically, the company will spend up to JPY30bn (USD259.6m) per year on decarbonization.

Sources:

https://asia.nikkei.com/Spotlight/Environment/Climate-Change/Japan-s-Inpex-to-spearhead-carbon-capture-at-Australian-gas-field

http://www.stdaily.com/index/kejixinwen/202201/c0fd940b482f472cbb3d31d7ab062b47.shtml

http://www.xinhuanet.com/2021-05/26/c_1127495739.htm

https://oil.in-en.com/html/oil-2913464.shtml