Japanese trading house Mitsui & Co Ltd has announced it will invest in the development of a carbon capture and storage (CCS) project in Britain.
The company has purchased a 15.4% share in Storegga Geotechnologies, which is developing the Acorn CCS project.
The investment is an undisclosed sum.
The plan is to inject and store carbon dioxide emissions in depleted North Sea oil and gas reservoirs using existing offshore pipeline infrastructure to reduce costs.
Partners will also work to develop further CCS opportunities in Europe and Asia Pacific.
Masaharu Okubo, Chief Operating Officer of the Energy Business Unit 1, said: “Mitsui believes providing low carbon solutions to hard-to-abate industries such as energy will be critical in achieving net carbon zero targets.”