MUFG, one of the largest lenders to energy projects, says carbon capture and storage will help it support LNG and hydrogen while meeting net zero commitments.
Japan’s largest bank, MUFG, is keen to back the development of a hydrogen industry in Australia and will maintain lending to major LNG projects, which, it says, is compatible with its commitments to net zero as carbon capture and storage technology improves.
J-Power, Iwatani Corporation, Marubeni Corporation and Sumitomo Corporation are among the Japanese companies working on the $500 millionpilot project with the Australian government, which proved earlier this year that international trade in liquid hydrogen was technically feasible. Many others are exploring opportunities.
, as it targets reductions in the intensity of financed emissions in the oil and gas sector by between 15 per cent and 28 per cent by 2030 ., the second bank to do so, and has a team of scientific experts in Tokyo working on carbon capture and storage technology together with clients. in January and was an agent on Ichthys LNG’s $US1.3 billion private placement in the US in May. Both projects met MUFG’s “enhanced due diligence on anything to do with gas”, Mr Ward said. “Being responsible corporate citizens with strong ESG strategies are effectively a condition precedent for us.”
“We are working with a lot of clients about that transition at the moment, and how they position themselves for it. We are not expecting large movements of debt capital into the very near future, but it is a long-term game and will take many years before this is a deep market.“But we have seen this in the energy sector over the last 50 years.
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