Japanese major Mitsui O.S.K. Lines (MOL) has signed a Memorandum of Understanding (MoU) with compatriot The Kansai Electric Power Co. (KEPCO) for a study of marine transportation for the development of a carbon dioxide capture and storage (CCS) value chain.
Based on the MoU, MOL and KEPCO will collaborate on the development of a CCS value chain consisting of separation, capture, transportation, injection and storage of CO2 emitted from KEPCO’s thermal power plants.
Furthermore, the two companies plan to study the marine transport of liquefied CO2 to potential storage sites.
Through the MoU, MOL Group wants further accelerate its efforts in the liquefied CO2 transport business to contribute to the realization of a low-carbon/decarbonized society .
To remind, in June 2021, the firm launched research and development (R&D) on the adoption of a large-scale liquefied CO2 carrier in response to a call for proposals by Japan’s New Energy and Industrial Technology Development Organization (NEDO) to complete the conceptual design, under a project entrusted by NEDO to Japan CCS.
The large-scale liquefied CO2 carrier is intended as a practical solution to the need for long-distance transport of CO2 on a scale of 1 million tons a year, based on NEDO’s vision to implement CCUS technology.
Meanwhile, compatriot classification society ClassNK granted approval in principle (AiP) to MOL for the design of a large-scale liquefied CO2 carrier.
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CCS is expected to be one of the most effective solutions to realize a low-carbon/decarbonized society.
In the coming years, carbon capture and removal technologies are expected to have a more important role in fighting climate change , as predicted in the Pathway to Net Zero Emissions report issued last year by the classification society DNV.
This will increase the demand for liquid CO2 carriers and create numerous investment opportunities in the shipping sector.