Mitsui & Co., Ltd. (“Mitsui”, Head office: Tokyo, President and CEO: Kenichi Hori) has agreed to acquire a 33.7% stake in Climate Friendly Pty Ltd (“Climate Friendly”), a company that works with farmers, traditional custodians and conservation organizations to generate carbon credits from the land sector through the regeneration of native vegetation, improved soil health and the implementation of sustainable agriculture in Australia.
Climate Friendly is one of Australia’s largest carbon farming project service providers. It had already achieved 20 million tonnes of GHG reduction by 2020 and aims to achieve a cumulative GHG reduction of 100 million tonnes by 2025. Terrestrial carbon projects supported by Climate Friendly are expected to play an important role in achievement of the Australian Government’s GHG target. reduction objective, by absorbing and sequestering CO2 from the atmosphere, and also improving soil quality and resistance to drought and preserving ecosystems.
The Australian government launched its first carbon generation initiative in 2011 before establishing the Emissions Reduction Fund, providing total funding of A$4.55 billion. The demand for emission reduction credits from the voluntary private sector has increased and is expected to continue to grow steadily. Australia is one of the most important countries for Mitsui’s business, and we will work proactively to reduce the GHG footprint of our group companies as part of our decarbonization strategy.
Mitsui has identified “energy solutions” as a strategic priority area in its 2023 Medium Term Management Plan. Mitsui will continue to address climate change, a common and most complex global challenge, by providing a variety of solutions, such as clean hydrogen, ammonia fuel, CCS/CCUS and carbon credits.
Climate Friendly Profile
|Company Name||Climate Friendly Pty Ltd|
|Location||Sydney, New South Wales, Australia|
|Representing||Skye Glenday, Josh Harris (co-CEO)|
|Commercial activities||Facilitating carbon farming projects to generate Australian carbon credit units for the land sector.|
Carbon farming project land where Climate Friendly provides services.
Signing ceremony in Sydney
“Building Brighter Futures, Everywhere” as our corporate mission, and to earn the trust and expectations of our stakeholders to realize a better future for the earth and for people around the world, we have identified five material issues ( “Materiality”) for the sustainable development of Mitsui growth. We anticipate that this particular project/enterprise will in particular contribute to the achievement of “Creating an Environmentally Friendly Society”
Ensuring a sustainable supply of essential commodities
Improve quality of life
Create an eco-responsible society
Develop talents leading to value creation
Building an organization with integrity