Japan's Mitsui buys stake in Australian carbon farming company

MELBOURNE : Mitsui & Co said on Thursday it has agreed to buy a 33.7 per cent stake in a rapidly growing Australian carbon farming company, Climate Friendly, for an undisclosed price, as the Japanese firm looks to offset its emissions.

The acquisition adds to last year's purchase by Mitsui's Australian unit of carbon farming company Outback Carbon to generate offsets for its emissions in Australia, where the oil and gas producer is developing the Waitsia gas project. Climate Friendly company stored 20 million tonnes of carbon as of 2020, making it one of the largest carbon farming project service providers in Australia.

Climate Friendly and Mitsui declined to comment on the price Mitsui paid. When Adamantem bought its majority stake in Climate Friendly last year, a media report said it paid more than A$100 million .

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