Inpex, Japan’s biggest oil and gas producer announced its strategy to become a net-zero company by 2050, also revealing the five business pillars of the company that will help its transition.
Specifically, Inpex sees a zero-carbon future with hydrogen energy and carbon capture technology.
The company follows climate change response goals and will promote five business pillars by making full use of the technologies, assets and human resources.
- Reduce CO2 emissions from upstream operations (Promotion of CCUS)
- Develop a hydrogen business
- Enhance and emphasize renewable energy initiatives
- Promote carbon recycling and cultivate new business opportunities
- Promote CO2 absorption through forest conservation
Moreover, the company added that the plan of becoming net-zero requires $193-$289 million a year on decarbonization.
Reuters cites quotes of Inpex president Takayuki Ueda, who stated that “We want to become an innovator for the energy transition. As for LNG, we still believe demand will rise in the mid- and long-term, mainly in Asia, and we will keep investing in new projects but as for oil, we would expand assets only near existing projects…instead of starting new projects from scratch.”
The company’s announcement, follows Japan’s announcement that was made in October 2020, that it would become a carbon-neutral country by 2050. This is in line with many other global oil and gas companies shifting away from fossil fuel to green energy.
