Inpex joins Australian carbon farming and biofuels partnership

Inpex has partnered with Australian air carrier Qantas and banking group ANZ in a project that will fund the plantation of tree crops in Western Australia to buffer carbon emissions and produce renewable biofuels.

The three companies have entered into a memorandum of understanding, with the first tree crops planned to be planted in the Wheatbelt region next winter. Inpex said the group had completed early preparations for the project and would now look to examine which native biomass crops and waste residues could be used for low-carbon biofuels in the development area.

To enable the trees to be easily integrated with the regional farming ecosystem, Inpex and its partners will select breeds specifically native to Western Australia. The sponsors will commit to the project for the long-haul, offering intricate skillsets for project development in addition to financial services.

Inpex CEO and president Takayuki Ueda said the project would help meet its sustainable development goals. The company expects to help diversify Wheatbelt's agricultural industry and economy, using a project model that fosters stakeholder collaboration between sponsors, landowners and rural communities.

In January 2021, the Japanese oil and gas company unveiled its 2050 carbon neutrality strategy, promising to "actively pursue" reformed energy structures without endangering fuel requirements in Japan and the rest of the world.

"We look forward to realising this exciting collaboration, working closely with Wheatbelt communities, landowners and stakeholders and our fellow MoU sponsors ANZ and Qantas."