Neste, Mitsubishi partner to develop supply chains for renewable chemicals, plastics
Neste and Mitsubishi 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 Mitsubishi 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 biobased raw material for plastics production.
Mitsubishi 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 Mitsubishi 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 Ltd. as well as a multiparty collaboration to produce apparel from biobased materials for Goldwin Inc.
“Through this 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, the senior vice president of commercial at Neste Renewable Products. “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.”
Yoshiyuki Watanabe, an executive with Mitsubishi, added, “Our strength lies in our capability to establish supply chains and access a wide variety of brand owners in Japan. 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.”
Moving forward, Neste and Mitsubishi will accelerate the transition from fossil to renewable plastics under this strategic partnership.
