Neste and Mitsubishi Corporation (“MC”) have agreed to establish a strategic partnership focusing on developing value chains for renewable chemicals and plastics for and with Japanese brands. The partners are targeting brands in industries such as food and beverage, apparel, and consumer electronics. Through the partnership, Neste and MC aim to accelerate their efforts to build defossilized supply chains for brand owners in Japan.
In the course of the cooperation, Neste will provide its expertise in sustainability and more sustainable materials, also in the form of renewable Neste RE™, a bio-based raw material for plastics production.
MC will provide its strong experience in business development and supply chain management of petrochemical products and derivatives in the region. Together, the partners will offer comprehensive solutions for Japanese brands looking to reduce greenhouse gas (GHG) emissions and reliance on fossil resources in their supply chains.
Neste and MC have already cooperated on several individual projects in the past, including a collaboration with other partners to enable the production of renewable PET bottles for Suntory Holdings Limited as well as a multi-party collaboration to produce apparel from bio-based materials for Goldwin Inc.
“Through the partnership, we will be able to provide sustainability-minded companies in Japan with a full package to reduce their plastics-related GHG emissions,” said Carrie Song, Senior Vice President, Commercial at Neste Renewable Products. Song added, “Together, we can provide the materials and the know-how. Together, we can also get the materials into the value chains, making it easier for companies to make the switch to more sustainable solutions.”
“Our strength lies in our capability to establish supply chains and access a wide variety of brand owners in Japan,” informed Yoshiyuki Watanabe, Division COO, Business Development Div. at Mitsubishi Corporation.
Watanabe added, “We have cultivated this strength over many years through traditional trading and strategic investments in collaboration with trusted partners. Recognizing that these achievements cannot be made alone, we are eager to strengthen our relationship with Neste. We are thrilled to expand our network to include partners who share similar values, thereby generating economic, societal and environmental benefits to meet the needs of society”.
As per the press release, moving forward, Neste and Mitsubishi Corporation will accelerate the transition from fossil to renewable plastics under this strategic partnership, contributing to the early realization of a defossilized society in the materials sector.
