The coalition operates under a public-private partnership framework, aiming to enhance the social impact of Carbon Dioxide Removal (CDR) and facilitate the launch of the carbon credit market.
As of September 11, 61 member companies have joined the initiative, working closely with government officials to accelerate the steps needed for carbon neutrality.
According to reporting from Sumitomo, the company emphasized that joining the coalition represents a step in its Medium-Term Management Plan to expand energy-intensive business areas and decarbonization technologies.
CDR is highlighted as a critical technology for achieving carbon neutrality by 2050, while the domestic Japanese market is still in its early stages. The coalition aims to operate through policy recommendations, market development initiatives, sharing of global and local insights, and promoting industrialization in the sector socially.
The Sumitomo Corporation Group identifies CCUS (Carbon Capture, Utilization, and Storage) as one of the key pathways to carbon neutrality. The company develops CO₂ separation, capture, transport, storage, and utilization projects in Europe, North America, and Asia. Building on these activities, it aims to contribute to the formation of Japan’s CDR market and take an active role in policy design through its divisions.
Currently, the company plans to support sustainable energy consumption and contribute to building a carbon-neutral society by focusing on the value and trading of CDR credits.
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