Idemitsu Initiates Blue Carbon Business Exploration with Hatch Blue in Japan, Concurrently Investing in the “Blue Revolution Fund”
Idemitsu Kosan Co.,Ltd., (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Shunichi Kito, hereinafter referred to as “Idemitsu”) will commence joint studies with Hatch Blue (hereinafter referred to as “Hatch”) starting from August of this year, through its wholly-owned subsidiary, Idemitsu Americas Holding Corporation (hereinafter, “IAH”), based in San Jose, California, U.S., with the aim of establishing a blue carbon business in Japan. This initiative aims to contribute to regional revitalization in Japan through the development of low-carbon and decarbonization projects and the acquisition of expertise. In parallel with the joint studies, Idemitsu invests in the “Blue Revolution Fund,” a fund established by Hatch.
As we strive for carbon neutrality by 2050, it is imperative to address not only CO2 emissions reduction but also the development of technologies and initiatives for negative emissions, actively absorbing carbon emissions from the atmosphere. Idemitsu has directed its attention towards blue carbon as a novel carbon absorption solution.
Blue carbon ecosystems, encompassing coastal ecosystems such as mangroves, tidal marshes, seagrass meadows, seaweeds, and seagrasses, play a vital role in absorbing carbon emissions. These ecosystems have gained increasing recognition for their contribution to combating climate change by capturing and storing carbon from the atmosphere. Leveraging Japan’s distinctive geographical advantage as an island nation surrounded by the sea, this nature-based solution holds immense promise in our collective efforts to address climate change and promote sustainability.
Hatch, renowned for its global presence, operates a fund that invests in startup companies within marine ecosystems. With a reputation for staying at the forefront of cutting-edge technology trends and demonstrating foresight, Hatch actively engages in joint research and businesses with companies and academia worldwide. They possess specialized expertise in marine and blue carbon ecosystems.
We further strengthen our partnership with Hatch through an investment in the “Blue Revolution Fund,” established by Hatch. This strategic step allows Idemitsu to actively contribute to the development of low-carbon and decarbonization businesses within the blue carbon ecosystems, fostering collaboration and investing in Hatch’s fund. Notably, under this fund, Hatch has partnered with the Nature Conservancy, a renowned global environmental nonprofit organization, underscoring their shared commitment to sustainable initiatives.
【Key Features of this Initiative】
- Pursuit of Promising CO2 Absorption Solutions in Blue Carbon Ecosystems
Through our collaboration with Hatch, we aim to connect with promising startups and academia in the blue carbon ecosystems. By doing so, we seek to gain valuable knowledge and expertise in this field, focusing on future CO2 absorption strategies that hold great potential.
- Creation of Blue Carbon Business in Japan
Idemitsu and Hatch initiate joint studies to explore Blue Carbon utilization in Japan. These collaborative efforts center around themes like “Future CO2 Absorption and Business Creation,” “Leveraging Japan’s Unique Geographical Advantage,” and “Promoting Fisheries and Regional Contributions.” Through the studies, we drive initiatives for the activation and sustainability of Blue Carbon ecosystems, including establishing seaweed beds in various regions and fostering regional development. Our ultimate goal is to obtain recognition through “J-Blue Credits1,” issued by the Japan Blue Economy Association (JBE). This initiative aligns with our vision to integrate with existing business lines, expanding our horizon with innovative products and services.
Source: Idemitsu Kosan