Japan sets 2030 target for annual CO2 storage by 2030

TOKYO Japan's industry ministry has set a target of annual carbon dioxide CO 2 storage capacity of 6 -- 12 million tonnes by 2030 under a long-term roadmap for carbon capture and storage CCS Japan sees the technology that removes CO 2 emissions from the atmosphere and stores them underground and is essential to reaching its goal of 2050 carbon neutrality.

Governments across the world are following that strategy.

The ministry said that Japan will be storing 120 -- 240 million tons of CO2 a year in 2050. It will need to increase annual CO 2 storage by 6 -- 12 million tons every year from 2030, and it will also have to cut CO 2 separation and recovery costs.

The ministry wants legislative frameworks in place to allow companies to launch full-scale CCS operations from 2030, according to a document agreed by a panel of energy experts on Thursday.

Japan's biggest oil refiner, Eneos, JX Nippon Oil Gas Exploration and Electric Power Development said on Thursday they will form a joint venture to accelerate preparations for the commercialization of domestic CCS.

They hope to implement the country's first full-scale CCS supply chain by the year 2030.

They will study options for a large-scale CCS value chain, including ship transportation of CO 2 emitted from materials and other industries, according to Itochu, Mitsubishi Heavy Industries, Inpex and Taisei.

They said that they will start a joint study on carbon capture with Idemitsu Kosan, Hokkaido Electric Power and Japan Petroleum Exploration.