Ipieca member INPEX has announced its ambition to reach net-zero emissions by 2050, publishing a strategy document detailing the investments it will make in carbon capture, utilisation and storage (CCUS), hydrogen, renewables, carbon recycling and forest conversation to reach its target.
Japan's largest exploration and production company aims to reduce its Scope 1 and 2 emissions to net-zero by 2050, with a 2030 goal of a 30% or more reduction compared to 2019 levels, while working with all stakeholders to reduce Scope 3 emissions.
To achieve these climate change response goals INPEX will:
- reduce CO2 emissions from its upstream operations, primarily through the use of CCUS and natural gas;
- develop a hydrogen business;
- invest in renewable energy initiatives;
- scale up carbon recycling business and technologies; and
- promote CO2 absorption through forest conservation.
The upstream CO2 reduction targets will make use of INPEX's technical expertise in CCUS - acquired since establishing Japan's first CCUS project in 1988 - as well as through a shift to natural gas and carbon-neutral liquefied natural gas (LNG).
INPEX will expand its energy business to include the production and supply of hydrogen. It will use natural gas from its operations to produce carbon-free hydrogen through gas reforming combined with CCUS. INPEX will also invest in research and development activities aimed to establish a hydrogen value chain.
The company will accelerate its renewable energy developments both in Japan and around the world with a focus on geothermal power generation and offshore wind. It will apply its expertise in geology and drilling to its geothermal business, while its offshore wind developments will benefit from its experience in the construction and operation of offshore floating oil and gas facilities.
In the area of carbon recycling, INPEX is supporting the scale-up of businesses and technologies related to CO2 extraction, processing and utilisation.
INPEX is already contributing to CO2 absorption through eucalyptus tree planting projects in Australia. It will contribute to forest conservation activities in Indonesia and other countries through the UN Reducing Emissions from Deforestation and Forest Degradation (REDD+) programme.
INPEX is currently involved in projects across more than 20 countries, including the Ichthys LNG project in Australia as operator. Through sustainably growing its oil and gas business, developing a global gas value chain business and reinforcing its renewable energy initiatives, INPEX aims to become a leading energy company and continue providing a stable and efficient supply of energy to its customers. For more information on its strategy to reach net-zero emission please visit: https://www.inpex.co.jp/english/company/pdf/business_development_strategy.pdf