Summit and JERA Collaborate on a Carbon Neutral Roadmap
Photo caption: A MOU relating to a Carbon Neutral Roadmap for Summit was signed between Nicholas Padgalskas, Chief Financial Officer (CFO) of Summit Power International and Toshiro Kudama, CEO of JERA Asia, in the presence of senior officials of the Government of Japan at the Asian Green Growth Partnership Ministerial (AGGPM) Meeting in Tokyo.
(Tokyo) 25 April 2022, Monday: Today, Summit Power International Limited (“Summit”) and JERA Asia Pte. Ltd. (“JERA Asia”), a subsidiary of JERA Corporation of Japan, signed a Memorandum of Understanding (“MOU”) to collaborate on developing a carbon neutral roadmap for Summit while supporting Bangladesh’s continued socio-economic development.
To accelerate adoption of renewable power generation in Bangladesh and support its Paris Agreement goals, the MOU includes pathways for establishing zero emissions targets for Summit, outlining a roadmap to achieve these targets and identifying opportunities to deploy greener fuels such as hydrogen or ammonia in support of decarbonization efforts.
On the occasion Ayesha Aziz Khan, CEO and MD of Summit Power International remarked, “As a member of the Climate Vulnerability Forum (CVF), Bangladesh has the ambition to supply 40% of its energy needs from renewable sources by 2041. In line with this Summit, along with our partner JERA, are aspiring to implement the best practices and adaptation knowledge to reach our zero emissions targets.”
Toshiro Kudama, CEO of JERA Asia stated, “JERA Asia is pleased to have the opportunity to work with Summit on its decarbonization efforts in Bangladesh as it too is striving to reduce its carbon footprints from domestic and overseas operations, with the announced goal of zero CO2 emissions by 2050. We believe we can draw on the experiences of JERA and Japan to support Summit and Bangladesh.“
The demand for electricity in Bangladesh is expected to continue to increase in line with the country’s economic growth. While supporting this growth and meeting the increased demand of electricity, Bangladesh is at the same time seeking to contribute to the Paris Agreement goals by diversifying fuel sources for power generation, improving generation efficiency, and developing renewable energy.
About Summit Power International:
Summit Group is the largest infrastructure conglomerate in Bangladesh. Summit Power International, headquartered in Singapore, is the largest Independent Power Producer (IPP) in Bangladesh. It also owns and operates a Floating Storage and Regasification Unit (FSRU) vessel and supplies 500 million cubic feet per day (mmcfd) of re-gasified gas to Bangladesh that received equity investment from Mitsubishi Corporation and for power project from Taiyo Life Insurance Co of Japan. In 2019, JERA Co., Inc. (“JERA”), had acquired a 22% stake in Summit Power International.
About JERA Co. Inc:
JERA is an energy company with global reach that has strength in the entire energy supply chain, from participation in LNG and other fuel resource projects and fuel procurement, through fuel transportation to power generation. Established in 2015, JERA is an equal joint venture of two major Japanese electric companies, TEPCO Fuel & Power Incorporated and Chubu Electric Power Company. JERA’s mission is to supply power and energy on a globally competitive basis, by effectively developing and managing its portfolio of energy chain assets and continuously optimizing its business.
For further queries please contact:
Mohsena Hassan | Head of Public Relations & Media | Summit Corporation Limited | Mobile/Whatsapp: +8801713081905 | Email: mohsena.hassan@summit-centre.com