Tokyo Gas Co., Ltd. (President: Shinichi Sasayama, hereinafter 'Tokyo Gas') and Sumitomo Corporation (President: Masayuki Hyodo, hereinafter 'Sumitomo Corporation') announced today that they have announced that they will be able to reduce atmospheric CO 2 direct capture and storage (DACCS). (1)), we have concluded a memorandum of understanding regarding the joint implementation of a business feasibility study (hereinafter referred to as the 'Study').
According to estimates by the IEA (International Energy Agency), IPCC (Intergovernmental Panel on Climate Change), etc., in order to achieve carbon neutrality, the use of negative emission (2) technology such as DACCS will result in a maximum 10 billion tons of CO 2 will need to be removed.
In Japan, in 2023, the Ministry of Economy, Trade and Industry will establish a 'Study Group for Creating a Negative Emissions Market,' which will organize and analyze domestic and international technological developments and business trends, and will discuss future directions and formulate rules. Negative emission technology has been attracting attention both domestically and internationally in recent years, including discussions and examinations of policies aimed at creating a market for.
Furthermore, the global carbon credit market issued using negative emission technology is predicted to grow from $2.1 billion in 2022 to $80 billion in 2030 (3).
Tokyo Gas and Sumitomo Corporation have been considering the use of DAC technology from an early stage, including investing (5) in a U.S. venture company with direct atmospheric CO 2 capture (DAC (4)) technology in 2023. I've been working on it.
This study will combine Tokyo Gas's DAC technology and plant engineering knowledge and know-how with Sumitomo Corporation's network and knowledge of next-generation energy business, including CCS, which is being deployed globally. We will jointly promote the feasibility study of DACCS, including selecting suitable locations and evaluating domestic and international DAC technology, with the aim of creating joint projects for the future.
In the future, we will continue to implement and expand the use of DACCS in society, contributing to the realization of a carbon-neutral society.
Tokyo Gas carbon neutrality efforts
Tokyo Gas has set out the 'challenge to achieve net zero CO2' in its group management vision 'Compass2030' and is proceeding with technological development towards carbon neutrality. Regarding DAC technology, by utilizing CO 2 capture, utilization, and storage (CCUS (6)) such as DACCS , we will lead the way in achieving net zero CO 2 and meet the government's goal of 2050 carbon neutrality. We will continue to contribute to the realization of this goal.
Sumitomo Corporation's carbon neutrality efforts
The Sumitomo Corporation Group is working to mitigate climate change, with the long-term goal of 'challenging carbon neutrality in business activities and realizing a sustainable energy cycle by 2050.' We believe that CCUS is one of the important means for achieving this, and we are working on business development for 'CO 2 separation and capture,' 'transportation and storage,' and 'utilization' in Japan, Europe, America, APAC, and the Middle East. We will also contribute to the realization of a carbon-neutral society by creating and selling CO 2 removal credits using negative emission technologies such as DACCS and bioenergy-generated CO 2 capture and storage (BECCS).
TOKYO GAS CO., LTD. 
