Japan’s largest refiner Eneos and compatriot Marubeni have joined forces to slash emissions in the ethylene supply chain.
The companies have signed a memorandum of understanding for the introduction of an eco-friendly ethylene carrier, which will be chartered by Marubeni over the long term, for ethylene delivery commencing in 2024.
Marubeni said the vessel will be the first ethylene carrier equipped with a dual-fuel LNG engine built for ethylene export from Japan and be able to reduce CO2 emissions by roughly 40% compared to conventional ethylene carriers.
The Japanese trading house has set a goal to achieve net-zero greenhouse gas emissions by 2050. Among its plans to reach that goal, the company will abate GHG emissions at a level consistent with the 1.5°C pathways, while any residual emissions that cannot be abated will be offset through carbon credits or through technological solutions.
Meanwhile, Eneos’ goal is to achieve carbon neutrality in its own CO2 emissions by 2040 and to have a renewable power generation capacity of over 1 GW in Japan and abroad by March 2023. The company recently splashed $1.78bn to buy Japan Renewable Energy Corporation (JRE), which was established by Goldman Sachs in 2012.
