Mitsubishi inks pact with carbon credit developer
Mitsubishi Corp has signed an agreement with Zurich-based carbon credit developer South Pole to study ways to generate and sell carbon credits derived from carbon removal technologies such as carbon capture utilisation and storage (CCUS).
Carbon removal technologies are critical for reaching Paris Agreement goals, Mitsubishi said on May 12 announcing the partnership. “However, technological innovation and cost reduction are issues that need to be addressed before carbon removal technologies can be implemented on a large scale,” it said.
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The technology can be supported by developing and selling carbon credits, giving developers a source of revenues and companies like Mitsubishi a means of decarbonising their operations. Mitsubishi said it had been working on several projects in the field of CO2 mineralisation, and would examine the feasibility of commercialisation with South Pole by the end of this year.
“Through the commercialisation of this project, Mitsubishi hopes to contribute to global decarbonisation by creating and leading a virtuous cycle that promotes the development and implementation of superior carbon removal technologies such as CCUS,” the company said.