[Baku, Azerbaijan] November 11, 2024– Mitsubishi Electric Corporation, MUFG Bank, Ltd., Satellite Data Service Corporation, and GHGSat Inc. have signed a contract to visualize greenhouse gas (GHG) emissions and absorption using satellite data. With this initiative, the four companies aim to realize a service that provides companies and local governments with information analyzed from satellite data on global greenhouse gas emissions, enabling monitoring and analysis of emission trends and specific observation points.
Further details about this initiative will be shared at COP29, held from November 11-22, in Baku, Republic of Azerbaijan.
Greenhouse gas emissions are a primary cause of global warming and are a major factor exacerbating climate change, threatening global environmental sustainability. At COP28, held in 2023, the first decision on the Global Stocktake to evaluate global progress towards the goals of the Paris Agreement was adopted, increasing the necessity for industry and government to have a clear understanding of their greenhouse gas emissions.
Since then, international efforts to reduce greenhouse gases have accelerated, creating requirements for countries to undertake proactive measures and specific actions to decarbonize their activities, such as energy transition planning, development of new sources of renewable energy, and energy efficiency improvements.
However, efforts to reduce greenhouse gas emissions face various challenges, including balancing economic viability. In particular, the industrial sector requires long-term planning for the transition to low-carbon technologies and the spread of renewable energy. These corporate activities demand objective, neutral, and traceable data. Additionally, as the importance of sustainability initiatives grows, transparent satellite data holds significant potential to support cross-stakeholder dialogue.
Under this partnership, the four companies aim to provide a service that visualizes greenhouse gas emissions using satellite data for users such as businesses and local governments working to reduce greenhouse gas emissions. They will advance discussions on the collaboration framework and service content.
This solution aims to achieve comprehensive greenhouse gas visualization by integrating wide-area observation data from the GOSAT series with precise, facility-level observation data of emission sources from GHGSat’s constellation. The service plans to implement functions for monitoring emissions and absorption from routine business operations, with rapid alerts of any detected incidents, such as gas leaks from pipelines, drawing on GHGSat’s ability to provide daily coverage. Companies using this service will be able to understand the environmental impact of their corporate activities, set specific and effective goals for GHG reduction, and track progress clearly, thereby bolstering their sustainability efforts and ability to meet ambitious climate targets.
“This groundbreaking initiative, combining the big-picture views from GOSAT with the ability of GHGSat’s constellation to zoom in to the facility level, unlocks a new understanding of industrial environmental footprints across the financial sector. These insights are fundamental to reducing greenhouse gas emissions,” said Stephane Germain, CEO of GHGSat. “Climate change is a global challenge that requires global collaboration, and GHGSat is honored to contribute.”
This service, targeting environmentally conscious companies, will be a significant step forward for climate change countermeasures, supporting businesses to achieve corporate social responsibility (CSR) and sustainable development goals (SDGs). This service aims to contribute to reducing environmental impacts and promoting environmental awareness and reforms across the industry.
Roles of Each Company
|
Stakeholder |
Role |
|
Mitsubishi Electric |
Leveraging the expertise in developing GOSAT series satellites and sensors, the companies will work on integrating observation data, creating visualization services for gas emissions, and conducting demonstration studies. |
|
MUFG Bank |
Advice from the perspective of financial institutions aiming to achieve sustainability, as well as international recommendations through dialogue and engagement with various stakeholders. |
|
Satellite Data Service |
Leveraging expertise in satellite data services to build data platforms, expand the user base, and promote demonstrations. |
|
GHGSat |
Provide high-resolution satellite imagery tracing and quantifying greenhouse gas emissions to the facility level, at a daily frequency. |
[1] Satellites designed to observe the concentration distribution of greenhouse gases such as carbon dioxide and methane, with the aim of understanding the emission/absorption status of greenhouse gases and contributing to global efforts to prevent global warming.
[2] A system that forms a formation with multiple satellites and enables coordinated operations.
Media Contact:
GHGSat: Alison Boyer ([email protected])
About MUFG Bank
MUFG Bank, Ltd. is Japan’s premier bank, with a global network spanning around 50 countries. Outside of Japan, the bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide. MUFG Bank’s parent, Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 50 countries. The Group has about 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english.
About GHGSat
GHGSat uses its own satellites and aircraft sensors to measure greenhouse gas emissions directly from industrial sites, providing actionable insights to businesses, governments, and regulators. With proprietary remote-sensing and patented technology, GHGSat enables strategic decision-making through monitoring and analytics services, with better accuracy, more frequently, and at a fraction of the cost of other technologies. GHGSat’s mission is to become the global reference for remote sensing of greenhouse gas (GHG), air quality gas, and other trace gas emissions from any source in the world.
