MOL starts research and development on large-scale liquefied CO2 carrier
Mitsui O.S.K. Lines, Ltd. has announced that the company will launch research and development (R&D) on adoption of a large-scale liquefied carbon dioxide (CO2) carrier to complete the basic design under a project entrusted to Japan CCS Co., Ltd. from Japan's New Energy and Industrial Technology Development Organization (NEDO), according to the company's release.
The "Long-term Strategy under The Paris Agreement" approved by the Cabinet of Japan in June 2019 underscores the importance of the role of CCS (Carbon dioxide Capture and Storage), CCU (Carbon dioxide Capture and Utilization) and carbon recycling as technologies to significantly reduce CO2 emissions resulting from the use of fossil fuel. It points out the need for CO2 transport due to the great distances between CO2 emission sources and storage areas and calls for an appropriate business model to transport CO2 safely and economically.
To start R&D and demonstration projects to safely transport large volume of CO2 emitted from factories and thermal power plants to areas, where use and store CO2, at low costs, with a view of Carbon dioxide Capture, Utilization and Storage (CCUS) technology to be implemented in the society around 2030, on March 31, NEDO publicly called for proposals on a "CCUS R&D and Demonstration Related Project / Large-scale CCUS Demonstration Project in Tomakomai / Demonstration Project on CO2 Transportation." JCSS, the Engineering Advancement Association of Japan, Itochu Corporation, and Nippon Steel Corporation jointly applied and were selected for the demonstration project. JCCS in turn is to entrust MOL with R&D on adoption of a large-scale CO2 carrier to the society, which is part of the project assigned to JCCS by NEDO. MOL is to participate in this project in order to contribute to the realization of a low- and de-carbonized society.
MOL entered the liquefied CO2 ocean transport business by investing in Norway-based Larvik Shipping AS. It will further accelerate its initiatives in the field through its role in the NEDO demonstration project as it aims to achieve group-wide net zero emissions by 2050, which is stated in its "MOL Group Environmental Vision 2.1."
