Australia, Japan to Collaborate on Carbon Recycling Technology

(Bloomberg) -- Australia and Japan signed a cooperation agreement to explore ways to develop carbon recycling technologies, Australia’s Resources Minister Matt Canavan said Wednesday.

The nations will facilitate cooperation on research into ways to use carbon dioxide as a key ingredient in manufacturing products such as carbon fiber or for use in construction and agriculture. “Successfully using carbon dioxide as a resource, rather than viewing it merely as a waste product, could transform the economics of emissions reduction,” Canavan said in a statement.

Carbon fiber is growing in importance as a material thanks to rising demand from the wind power, automotive and aerospace sectors. Three Japanese companies currently account for about 50% of global carbon fiber manufacturing capacity, according to BloombergNEF.

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