Signing of a Memorandum of Understanding (MOU) for a Gladstone H2 Ecosystem

Sumitomo Australia Pty Ltd , 100% subsidiary of Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; President and CEO: Masayuki Hyodo; hereinafter, "Sumitomo"), together with Gladstone Ports Corporation (GPC), Gladstone Regional Council (GRC), Australian Gas Networks (AGN) as part of the Australian Gas Infrastructure Group (AGIG) and CQUniversity Australia (CQU) have signed a Memorandum of Understanding (MOU) to develop a hydrogen ecosystem in Gladstone. 

The Australian Government announced their National Hydrogen Strategy in 2019, and is presently working to create a national hydrogen industry in support of this strategy, setting its vision to become a leading hydrogen nation in the world by 2030. The City of Gladstone, in the State of Queensland, is expected to be one of the best locations for hydrogen production and consumption from its existing industrial infrastructure, having potential to decarbonise existing sectors such as industry, mobility, ports etc followed by strong support from the Policy Makers. 

Sumitomo aims to materialise a hydrogen ecosystem in conducting a Feasiblity study covering the entire hydrogen supply chain and determining the best configuration for hydrogen production and demand creation including decarbonization of the local gas infrastrcutre, mobility and any other related application in this Gladstone region.

Sumitomo Corporation will establish a new business organization entitled the Energy Innovation Initiative (EII *1) in April 2021 which will carry this Gladstone project. Sumitomo Corporation expects hydrogen to be one of the key energies of the future, and promotes hydrogen related business such as Local Production and Consumption projects and Large Scale Value Chain projects.  The focus is to develop the regional requirements of energy whilst celebrating the unique characteristics of hydrogen.

In order to greatly contribute to the achievement of our long-term goals toward climate change mitigation, "Carbon neutralisation in 2050" and "Realisation of a sustainable energy cycle", we will accelerate our efforts for the materialisation of a hydrogen society by promoting hydrogen related businesses.

1. Establishment of the Energy Innovation Initiative
   https://www.sumitomocorp.com/en/jp/news/release/2021/group/14510
   
    

Sumitomo Corporation’s Material Issues

Sumitomo Corporation Group positions “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This project especially contributes to the following material Issues.

Achieving Harmony with the Global Environment

To realize recycling-oriented society and mitigate climate change, we are working to establish frameworks for the efficient use of resources and stable supply of renewable energy. In doing so, we will achieve growth in harmony with the global environment.

Contributing to the Development of Local Communities and Industries

We steadily procure and provide goods and services to meet the needs of people in various countries and regions and contribute to developing industrial platforms. Through these means, we will create a virtuous cycle in which we can grow and develop together with local communities.

Establishing a Foundation for Comfortable and Enriching Lifestyles

We strive to realize more convenient and comfortable lifestyles by providing goods and services for daily use while also responding to needs for high-quality lifestyles in order to support the physical and mental health of people around the world.

Providing Diverse “Accessibility”

We provide diverse accessibility to open up the possibility of creating new value. To this end, we will improve mobility for safe and efficient flow of people and goods, and expand the network connecting information and finance.

Developing Human Resources and Promoting Diversity

In order to create new value and innovation by allowing our diverse personnel to fully exercise their abilities in a variety of fields, we will promote the development and empowerment of human resources, which represent our most important management resources.

Enhancing Governance

We will enhance our ability to draft and implement strategies for achieving sustainable growth and to provide appropriate supervision of these strategies, all while maintaining transparency. In this manner, we will improve management efficiency and maintain sound management.