Chubu Electric Power Miraiz, Chubu Electric Power and Mitsui Sumitomo Insurance sign agreement to develop new services using Blue Carbon

Chubu Electric Power Miraiz Co., Inc. (Head Office: Nagoya, Aichi Prefecture; President & Director: Hironori Kamiya), Chubu Electric Power Co., Inc. (Head Office: Nagoya, Aichi Prefecture; President & Director: Kingo Hayashi), and Mitsui Sumitomo Insurance Company, Limited (Head Office: Chiyoda-ku, Tokyo; President & CEO: Shinichiro Funabiki) have been studying services ("Service") to create and utilize more J Blue Credits (Note 2) derived from Blue Carbon (Note 1). Since the policy for the development of a "reliable credit evaluation method (Note 3), an important element of the Service, has been established, the three companies today signed an agreement ("Agreement") to pursue the development of the Service.

(Note 1) This is carbon that is stored on the seafloor and in the deep ocean after coastal and marine ecosystems absorb carbon dioxide through photosynthesis. 
(Note 2) Carbon-offset credits issued and sold by Japan Blue Economy Association (JBE) for projects whose purpose is to protect and foster blue carbon ecosystems. 
(Note 3) In some cases, when the amount of carbon dioxide fixation in seaweed beds and seaweed farming is calculated and submitted to JBE, the amount of certified credits is underestimated due to insufficient reliability of the documentary evidence. The amount of certified credits is expected to increase by using the latest technology to evaluate the calculated amount with a high degree of accuracy.

Summary of Agreement

The three companies mentioned above will promote research on restoring the marine environment and fixing carbon dioxide through seaweed bed restoration and seaweed farming in the ocean. Together, they will develop technology to improve the accuracy of evaluating the amount of carbon dioxide fixed by the restoration and farming, ultimately establishing a "reliable credit evaluation method". Further consideration will also be given to developing blue carbon-derived, CO2-free menus that utilize the created credits, as well as financial services to support the scheme.

The three companies will promote solutions to global environmental issues continuously, aiming to promote carbon neutrality further and provide services that meet the expectations and needs of our customers.

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