Japan’s Mitsubishi Corp (TYO:8058) has signed a memorandum of understanding (MoU) with its affiliate Chiyoda Corp (TYO:6366) and five Singaporean companies committing to bring about a sustainable hydrogen economy in Singapore.
The five companies are: town gas provider City Gas Pte Ltd; port operator Jurong Port Pte Ltd; port group PSA Corp Ltd; utilities and marine group SembCorp Industries Limited (UGX:U96); and natural gas provider Singapore LNG Corporation Pte Ltd.
According to a joint statement on Monday, Singapore seeks to halve emissions to 33 million tonnes of carbon dioxide (CO2) equivalent by 2050 from an expected peak in 2030. Under the city-state’s Long-Term Low-Emissions Development Strategy (LEDS), net-zero emissions are seen early in the second half of the century.
The partners have said that low-carbon hydrogen can help Singapore achieve its emission targets. Specifically, they see that Chiyoda’s organic chemical hydride (OCH) hydrogen storage and transportation technology (SPERA Hydrogen) could play an important role in the transition.
Mitsubishi, as Chiyoda’s main shareholder, will support the technology development, while the local companies will work to evaluate the technical and commercial feasibility of hydrogen and to develop businesses for its import and use in Singapore, the press release reads.
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