Chubu Electric Power signs agreement on the joint study with INPEX to establish a Japan-Australia CCS value chain.

Chubu Electric Power Co., Inc. ("CHUBU") signed an agreement with INPEX Browse E&P Pty Ltd ("IBEP") to conduct a joint study to assess the feasibility of establishing a Carbon Capture and Storage (CCS) value chain from the Port of Nagoya to Bonaparte Basin offshore northern Australia.

CHUBU aims to achieve net zero CO₂ emissions from its operations by 2050 towards a decarbonized society. As part of its efforts to support the decarbonization of the Port of Nagoya and its surrounding area, CHUBU has been considering the feasibility of a project to capture, store and make effective use of CO₂ emitted around the area.

Under the agreement signed today, CHUBU, together with IBEP, will conduct a feasibility study on the marine transport of CO₂ from the Port of Nagoya to the Bonaparte Basin.

INPEX is working on CCS projects in Japan, Australia and other countries, and has extensive knowledge of CCS projects. CHUBU believes that this joint study will contribute to the diversification of storage sites for CO₂ emitted around the Port of Nagoya and the establishment of the international CCS value chain.

In CHUBU's global business, it will contribute to the realization of a decarbonized society and further increase earnings by optimally combining the four domains of (i) green business centered on renewable energy, (ii) blue business in relation to decarbonization, (iii) retail, power transmission and distribution, and new services, and (iv) frontier business.

<Reference: Bonaparte CCS Project Overview>