Japan's Idemitsu invests in US carbon removal firm CREW

Japan's Idemitsu Kosan has invested in US-based CREW Carbon through its corporate venture capital arm, the Japanese refiner said May 15, as the companies explore deploying carbon dioxide removal technology at wastewater treatment facilities globally.

The collaboration will investigate using CREW's Wastewater Alkalinity Enhancement technology at facilities in Japan and other Joint Crediting Mechanism countries, Idemitsu said in a statement.

"This investment allows Idemitsu to deepen their technical CDR expertise and commercial understanding of the carbon removal market," Idemitsu said.

The WAE process prevents CO2 from entering the atmosphere, ensuring it remains in wastewater discharged from sewage plants, Idemitsu said.

Additionally, CREW has a proprietary measuring, reporting and verification (MRV) system that calculates the net CO2 removed, enabling certified carbon credits that can be sold, it added.

"Sequestering the CO2 in the wastewater removes the need for investment in carbon capture units, avoiding a large installation footprint," the company said.

Net-zero at 2050

Idemitsu is evaluating business models that promote negative emissions and developing technologies that support achieving carbon neutrality in society by 2050, it said.

To enable these targets, Idemitsu is making strategic investments in startups with advanced expertise and a track record in CDR and MRV, the company added.

Achieving carbon neutrality targets will require a general reduction in CO2 emissions, but also reliable, transparent processes that remove CO2 from the atmosphere, it said.

Japan is one of the world's leading producers of limestone used in the CREW process and provides an environment in which calcium carbonate required for CO2 sequestration in CREW's CDR solution can be economically sourced, it said.

Platts, a part of S&P Global Energy, assessed Pre-CEC Current Year carbon credits at $10/mtCO2e May 14, down 21.26% from a month ago.