NYK was commissioned by a consortium comprising ENEOS Corporation, Electric Power Development , and JX Nippon Oil & Gas Exploration Corporation to conduct a study on the marine transportation of liquefied carbon dioxide as a part of a fiscal 2023 feasibility study on advanced CCS Projects in Japan. CCS is a technology for capturing CO₂, a cause of global warming, and storing it underground. For the consortium, NYK will study the economics and feasibility of the technology for transporting by ship CO₂ emitted in western Japan from ENEOS refineries and J-POWER thermal power plants to a point where the CO₂ can be injected underground.

In June 2023, the Japan Organization for Metals and Energy Security (JOGMEC) chose the consortium’s study as one of its fiscal 2023 Advanced CCS Project candidates. The selection was then made official on August 24. The consortium aims to start implementing a large-scale value chain from CO2 separation and capture to transportation and storage by fiscal 2030 to contribute to Japan’s greenhouse gas emission reduction targets while achieving a stable energy supply.

In 2022, NYK established Knutsen NYK Carbon Carriers AS (KNCC), a joint venture with Norway’s Knutsen Group, to develop and market new businesses related to the marine transportation and storage of liquefied CO₂. Through KNCC, NYK is studying the optimal method of transporting liquefied CO₂. NYK will use its knowledge to study the transportation of liquefied CO₂ in Japan under the consortium, aiming to participate in the future CCUS value chain* and contribute to realizing a carbon-neutral society.