Japanese oil and gas giant Inpex will invest more than 200 billion yen (about 1.25 billion USD) in renewable energy projects in Australia between now and 2030. Inpex's goal is to turn Australia into a "green" hydrogen export hub.
Enel Green Power Australia (EGPA), a 50-50 joint venture between Inpex and Italy's Enel, will increase its renewable energy capacity from the current 300-plus MW to 2,000-4,000 MW by 2030. The upgrade will focus on solar, onshore wind and battery storage. Initially, the additional renewable electricity will be sold in Australia. After 2030, some of the electricity will be allocated to the Ichthys natural gas project, which Inpex is leading off the northern coast of Australia. The Ichthys project will account for half of Inpex's estimated 7 million tonnes of greenhouse gas emissions by 2023. To reduce its carbon emissions, Inpex is using carbon capture and storage technology, but the company sees renewable energy as a long-term solution.
EGPA can also provide know-how and experience for potential projects in Japan, where Inpex has not yet developed many renewable energy projects. The company is looking to build offshore wind farms and geothermal power plants in Japan. In addition, Inpex is researching methods for producing green hydrogen using renewable energy to electrolyze water. Green hydrogen can also be combined with CO2 to produce e-methane (synthetic methane), an alternative to conventional city gas. Inpex's major customer Tokyo Gas is investing in e-methane production, and Inpex will seek to supply green hydrogen to Tokyo Gas for this business.
Other Japanese companies are also setting up green hydrogen operations in Australia. Sumitomo Corporation aims to produce 200,000 tonnes of green hydrogen in the country by 2030. Meanwhile, Marubeni Corporation and gas distributor Iwatani have partnered with Kansai Electric Power and others on a giant green hydrogen project in Australia that aims to produce 260,000 tonnes of green hydrogen a year from 2031 for export to Japan. Japanese companies see Australia as a suitable location for hydrogen production due to its geographical proximity. The two countries also have a long history of “resource diplomacy” over liquefied natural gas (LNG) and coal.
According to the International Energy Agency (IEA), global hydrogen demand is expected to triple its current level by 2050 if governments around the world deliver on their announced climate commitments. Meanwhile, fossil fuel demand is on track to peak before 2030. Recently, the RE100 group (comprising more than 400 major companies, including 87 Japanese companies such as Sony and Panasonic) urged Japan to update its target to triple its renewable energy capacity, specifically from 121 gigawatts in 2022 to 363 gigawatts by 2035, as the country is expected to announce its strategic energy plan later this year.
The RE100 group has committed to moving towards 100% renewable electricity. RE100 was founded 10 years ago by the international non-profit climate group and the non-governmental organization Carbon Disclosure Project (CDP), to track and evaluate companies' climate commitments.
LAM DIEN
Source: https://www.sggp.org.vn/tang-toc-dau-tu-xanh-post749657.html
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