Japan Launches World’s First Scope 3 Environmental Value Trading Initiative to Promote SAF and Decarbonize Aviation
Scope 3 Environmental Value Trading Demonstration Test to be Conducted at Narita Airport
(IN SHORT) Japan has launched the world’s first initiative to promote sustainable aviation fuel (SAF) and reduce CO₂ emissions in the aviation industry through Scope 3 environmental value trading. This project, involving seven major companies like Japan Airlines and Narita International Airport, aims to create a platform for trading the environmental benefits of SAF use, sharing costs across the air transport value chain. The initiative includes a demonstration test at Narita Airport and seeks to encourage widespread SAF adoption, contributing to the decarbonization of aviation in Japan.
(PRESS RELEASE) Tokyo, Japan, 2024-Sep-4 — /Travel PR News/ — A groundbreaking initiative to promote sustainable aviation fuel (SAF) and decarbonize the aviation industry has been launched in Japan, involving seven major companies, including Japan Airlines, Itochu Corporation, and Narita International Airport Corporation. The project focuses on trading Scope 3 environmental value, which relates to the reduction of indirect CO₂ emissions through SAF use. This first-of-its-kind demonstration will take place at Narita Airport, aiming to create a new platform for trading environmental value and sharing SAF costs across the air transport supply chain.
The project seeks to boost SAF use throughout Japan by involving airlines, fuel suppliers, and other aviation stakeholders. The initial trial phase will involve a demonstration test of the trading platform, followed by larger-scale implementation to encourage widespread SAF adoption. The initiative is expected to contribute significantly to the decarbonization of the aviation industry, supporting sustainability goals across the air transport value chain.
ITOCHU Corporation
Head Office: Minato-ku, Tokyo President & COO: ISHII Keita
ITOCHU’s management policy commits to the enhancement of corporate brand value, and positions “Enhancing our contribution to and engagement with the SDGs through business activities” as one pillar of this effort. Through this project and increasing the market prevalence of SAF in cooperation with leading partners, ITOCHU aims to make an even greater contribution to the achievement of a circular economy.
ENEOS Corporation
Head Office: Chiyoda-ku, Tokyo President: YAMAGUCHI Atsuji
ENEOS is moving forward with the construction of an integrated system covering everything from procurement of the raw materials for SAF to in-house manufacture and sales. Through its participation in this project, ENEOS will promote Scope 3 environmental value and SAF use, thereby contributing to the reduction of GHG emissions throughout the aviation industry value chain.
NIPPON EXPRESS HOLDINGS, INC. (NX)
Head Office: Chiyoda-ku, Tokyo President & CEO: HORIKIRI Satoshi
Expanding the use of SAF is crucial to the pursuit of decarbonization in the aviation field, and efforts throughout the supply chain are required. Participating in this project as a forwarder, the NX Group aims to contribute to the creation of a sustainable society.
Japan Airlines Co., Ltd. (JAL)
Head Office: Shinagawa-ku, Tokyo President & Group CEO: TOTTORI Mitsuko
The JAL Group will contribute to the decarbonization of the aviation industry as a whole through the use of SAF. Via this project, JAL aims to work with customers and partner companies alike, in an effort to further the development of aviation networks and industry as a whole, and to achieve a sustainable society.
Mizuho Bank, Ltd.
Head Office: Chiyoda-ku, Tokyo President & CEO: KATO Masahiko
Mizuho Bank is strengthening its sustainability action, in an effort to achieve a sustainable society. In this project, it will contribute to the decarbonization of the aviation and airport sector by supplying Mizuho’s financial knowledge and platform development expertise.
Mizuho Research & Technologies, Ltd.
Head Office: Chiyoda-ku, Tokyo President & CEO: YOSHIHARA Masatoshi
Mizuho Research & Technologies supports its customers’ decarbonization activities as an expert group in the environmental field. In this project, it will contribute to the decarbonization of the aviation and airport sector by supplying Mizuho’s financial knowledge and platform development expertise.
NARITA INTERNATIONAL AIRPORT CORPORATION (NAA)
Head Office: Narita-city, Chiba President & CEO: TAMURA Akihiko
As around 70% of the CO₂ emitted from Narita Airport stems from aircraft operation, ensuring the widespread uptake of SAF is a crucial task for NAA as well. Through this project, NAA will encourage efforts to reduce the Scope 3 emissions of aviation users, thereby contributing to decarbonization in the aviation industry and, by extension, across the globe.
■Overview of the Scope 3 Environmental Value Trading Scheme
Information about the sale and purchase of Scope 3 environmental value will be gathered on the platform and matching will take place, thereby creating opportunities for Scope 3 environmental value trading. Scope 3 environmental value sellers will bring SAF to Narita International Airport, and will provide Scope 3 environmental value on the platform. Scope 3 environmental value buyers will purchase Scope 3 environmental value corresponding to their purchase conditions via the platform.
■Effects of the Scope 3 Environmental Value Trading Scheme
Fuel suppliers and airlines (Scope 3 environmental value sellers) currently have their own programs for selling Scope 3 environmental value individually. The scheme to be developed in this project will enable airlines and fuel suppliers to gain new customers for their Scope 3 environmental value, in addition to their own programs.
In addition, both sellers and buyers of Scope 3 environmental value will be able to consolidate their Scope 3 environmental value trades, thereby eliminating the need to conclude multiple individual contracts with the partners in each transaction.
Media Contact:
mediarelations.hdq@jal.com
Source: Japan Airlines
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