Sumitomo Corporation - Invested in Inherit, a pioneer in CO 2 removal (CDR) from biogas
January 23, 2024 at 07:14 am EST
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Sumitomo Corporation has invested in Inherit Carbon Solutions AS (hereinafter referred to as 'Inherit'), a Norwegian company that captures and stores carbon dioxide (CO2) derived from biomass for CO2 removal (CDR).
Expand CCUS business globally by leveraging Inherit's CDR creation know-how in order to achieve net zero emissions of global warming gases such as CO2 and realize a carbon-neutral society, CO2 removal (CDR) is needed to offset emissions for which it is difficult to achieve zero emissions even with reduction measures.) is said to be required. The market for carbon credits issued by utilizing negative emission technologies (1) such as atmospheric CO 2 capture and storage (DACCS) and bioenergy-generated CO2 capture and storage (BECCS) is currently expanding. It is predicted to grow from $2.1 billion to $80 billion in 2030.
Inherit issues carbon credits derived from high-quality CO2 removal (CDR) by capturing the CO2 generated during the production process by Nordic biomethane (2) producers and permanently storing it underground. I am a developer who does. Leveraging its rich connections with biomethane producers in Northern Europe and the right to use CO2 reservoirs, the company aims to issue credits derived from CO2 removal (CDR) starting in 2025, and has already concluded sales agreements with Microsoft and others doing.
By combining Inherit's global network and credibility with Inherit's CO2 removal know-how, our company and Inherit will create CO2 removal (CDR) credits while securing the necessary storage interests in Europe, America and Asia. We will work on sales to the aviation and shipping industries, where demand is expected to increase in the future, and to Japanese companies in the future. By promoting the creation of CO2 removal (CDR) credits, we will accelerate the construction of the CCUS value chain and aim to realize a carbon-neutral society.
Sumitomo Corporation's initiatives in the CCUS field
The Sumitomo Corporation Group views CCUS as an important means to achieve carbon neutrality in its business activities and sustainable energy cycles by 2050, and uses CCUS in Europe, the United States and Asia to promote CO2 separation and recovery, transportation, and more. We are working on business development for storage and utilization. While storage interests suitable for CCS are limited, we will use this project as a springboard to quickly commercialize CCUS in Europe and the United States. In the future, we will use the business know-how we have accumulated to develop large-scale projects and build value chains globally.
Our group will continue to work toward realizing a carbon-neutral society by creating and selling credits for CO2 removal (CDR), which is necessary to achieve net zero emissions of CO2 and global warming gases.
Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).