- STATEMENT
- To the future,
with our
'Ocean Planet.'
BLUE ACTION 009 CCUS Value Chain Maritime CO2 Transport for the Future.
Jul 31, 2024
The world population has now reached 8 billion. As long as this many human beings live on our planet, carbon emissions are inevitable. Nevertheless, to contribute to decarbonization, we must reduce atmospheric carbon emissions. One promising solution is carbon capture, utilization, and storage (CCUS), a combination of carbon capture and storage (CCS), which stores CO2 deep under the ground, and carbon capture and utilization (CCU), to put that resource to use.
The most suitable storage sites are geological formations with gaps that can hold CO2 without it leaking to the surface. Examples include depleted oil and gas fields. The International Energy Agency (IEA) estimates global CO2 storage capacity at between 8,000 and 55,000 gigatons (Gt), giving us more than enough potential storage capacity to achieve a decarbonized society. In addition to currently established CCS methods, CCU technologies are in development for a variety of applications. Examples include synthetic fuels called electrofuel, or e-fuel, which is produced with CO2 emitted from industry and hydrogen derived from renewable energy.
The problem is that storage and utilization sites are not necessarily where carbon emissions originate. That means we can only make great strides toward carbon neutrality if we build a global supply chain that connects carbon capture with storage and utilization. Therefore, Mitsui O.S.K. Lines (MOL) has invested in Norway-based Larvik Shipping (LS), the world's sole company that has been transporting liquefied CO2 by ship for over 30 years. In addition to obtaining knowledge from LS, MOL is developing liquefied CO2 transport technology in collaboration with engineering firms in Japan and overseas.
Connecting locations that produce carbon emissions with those for storage and utilization: that is the enormous CCUS value chain MOL wishes to build through transportation on the seas. When liquefied CO2 maritime transport networks are complete, we'll be able to use that CO2 as a resource. The global connections over the oceans will help create a sustainable society. That is the future we aim for at the MOL Group.
The world population has now reached 8 billion. As long as this many human beings live on our planet, carbon emissions are inevitable. Nevertheless, to contribute to decarbonization, we must reduce atmospheric carbon emissions. One promising solution is carbon capture, utilization, and storage (CCUS), a combination of carbon capture and storage (CCS), which stores CO2 deep under the ground, and carbon capture and utilization (CCU), to put that resource to use.
The most suitable storage sites are geological formations with gaps that can hold CO2 without it leaking to the surface. Examples include depleted oil and gas fields. The International Energy Agency (IEA) estimates global CO2 storage capacity at between 8,000 and 55,000 gigatons (Gt), giving us more than enough potential storage capacity to achieve a decarbonized society. In addition to currently established CCS methods, CCU technologies are in development for a variety of applications. Examples include synthetic fuels called electrofuel, or e-fuel, which is produced with CO2 emitted from industry and hydrogen derived from renewable energy.
The problem is that storage and utilization sites are not necessarily where carbon emissions originate. That means we can only make great strides toward carbon neutrality if we build a global supply chain that connects carbon capture with storage and utilization. Therefore, Mitsui O.S.K. Lines (MOL) has invested in Norway-based Larvik Shipping (LS), the world's sole company that has been transporting liquefied CO2 by ship for over 30 years. In addition to obtaining knowledge from LS, MOL is developing liquefied CO2 transport technology in collaboration with engineering firms in Japan and overseas.
Connecting locations that produce carbon emissions with those for storage and utilization: that is the enormous CCUS value chain MOL wishes to build through transportation on the seas. When liquefied CO2 maritime transport networks are complete, we'll be able to use that CO2 as a resource. The global connections over the oceans will help create a sustainable society. That is the future we aim for at the MOL Group.
