Japan's industry ministry plans to create a legal framework for carbon capture and storage (CCS) to enable companies to start storing carbon dioxide underground or under the seabed by 2030 to help the nation achieve its 2050 carbon neutral goal.
The ministry estimates Japan will store 120-240 million tonnes of CO2 a year in 2050, it said on Wednesday in an outline of an interim report to be issued next month as it aims to lay out a long-term road map for CCS by the end of this year.
The outline included a plan to submit a draft bill to the Diet as early as 2023 to establish a new right to store CO2 in Japan and limit liability of operators in the event of a leak or other events.The legal framework is aimed at improving predictability for companies, an official at the industry said.
Quick action by the government is needed as companies would need to begin feasibility studies in 2023 and make final investment decisions in 2026 to be able to start CCS business in 2030, he said. The ministry also plans to include a scheme in the legal framework to transport CO2 emitted in Japan to other countries and store it there as it may not be possible to store all CO2 within Japan.
The ministry will set up two working groups under the existing specialist panel which has been discussing the issue, to focus on the legal framework as well as business costs and execution.Reporting by Yuka Obayashi;Editing by Elaine HardcastleSubscribe to our sustainability newsletter to make sense of the latest ESG trends affecting companies and governments.
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