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Japan Energy Summit & Exhibition 2024 Unites Global Leaders to Propel Asia's Emergence in Climate Leadership
Energy Business Review | Wednesday, June 05, 2024
● Senior government and industry leaders convene in Tokyo to discuss Asia's growing role in global climate leadership and sustainable energy solutions
● Strategic and Technical Conferences open to high-level discussions on Global Energy Security, exploring geopolitics, market dynamics, and future investments in energy infrastructure and technology
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● Speakers emphasised the need to advance multilateral partnerships and knowledge-sharing across the energy value chain to accelerate climate action
● The new Climatetech Zone among start-ups, professionals, and industry leaders explores cutting-edge innovations in climate mitigation and energy transitions
Tokyo – The Japan Energy Summit & Exhibition 2024 opened today at Tokyo Big Sight, marking the beginning of a pivotal three-day event (3-5 June) focused on driving energy transition and decarbonisation efforts in Japan and the broader Asia-Pacific region. Hosted by Tokyo Gas Co., Ltd., the summit gathered global energy leaders, policymakers, and industry experts, to delve into innovative solutions shaping the future of energy and seeks to foster international collaboration pivotal to accelerating energy transformation and advancing climate action.
Day one opened with inspiring remarks from Nobuo Tanaka, former Executive Director of the International Energy Agency (IEA), who emphasised the urgent need for international collaboration to achieve sustainable energy goals.
This was followed by a compelling keynote address from Shinichi Kihara, Director General for International Policy on Carbon Neutrality at METI (Ministry of Economy, Trade and Industry), who highlighted the critical role of the Asia Zero Emissions Community (AZEC), a platform launched by 11 partner countries in 2023 to advance decarbonisation in Asia, and Japan’s dedication to achieving industry reduction, economic growth and energy security. He added: “Japan aims to simultaneously achieve industry reduction, economic growth and energy security. We do not sacrifice one for the others."
Yuya Hasegawa, Director of Energy Resource Development Division, Ministry of Economy, Trade and Industry (METI), Japan said: “There is no perfect energy source. We need to have as many sources as possible and diversify to ensure a stable supply of energy, even during disasters.”
Kadri Simson, Commissioner for Energy at the European Commission, delivered a visionary keynote, highlighting Japan's crucial role as a key partner in shaping the global energy security framework, especially in relation to LNG, emphasising the importance of collaborative efforts, most notably between Europe and Japan, in enhancing energy security and promoting sustainability worldwide. She added: “Japan and Europe may be on opposite sides of the earth, but we have a lot in common: we are both democracies, and we are both carbon tech pioneers. Japan is one of our key partners in designing the global energy security architecture, especially in relation to LNG."
The Japan Energy Summit & Exhibition features a Strategic Conference, which brings together global energy leaders and senior regional policymakers to advance the momentum needed for Japan and the Asia-Pacific region to achieve decarbonisation goals while maintaining economic growth and energy security. Over three days, esteemed figures including energy majors, government leaders, and industry experts, will share valuable insights on fostering international partnerships, cross-sector cooperation and knowledge-sharing across the energy value chain.
Junya Tawa, Senior Managing Executive Officer, Chief Strategy Officer and Head of the Planning Division, JERA Co., Inc. said: “To address these global energy challenges, we must tackle the energy trilemma of sustainability, affordability, and stability. Our mission is to provide state-of-the-art solutions by combining linear energy with low-emission formula."
Takayuki Ueda, President & CEO, INPEX CORPORATION said: “The market's vulnerability persists, and one of the key challenges facing the energy market is the staggering 30% to 40% surge in demand for electricity, even in Japan.”
Shinichi Sasayama, CEO, President, Representative Executive Officer, Tokyo Gas Co., Ltd.: “The supply and demand structure for energy is anticipated to experience significant transformations, encompassing heightened volatility, geopolitical risks, the integration of renewable energies, and a mid to long-term surge in energy demand."
The event also features a Technical Conference, a forum for leading engineers and technical experts to showcase cutting[1]edge innovations crucial for Japan and the Asia-Pacific’s transition to a low-carbon future. Curated by a specialist Technical Committee, the conference highlights the latest research and practical applications across nine key technical categories essential for the future of clean energy and transportation supply chains.
Other key speakers contributing to the Strategic and Technical conferences include:
● Izuru Kobayashi, Deputy Director General for Environmental Affairs, Ministry of Economy, Trade and Industry (METI)
● H.E. Rachmat Kaimuddin, Deputy Minister for Infrastructure and Transportation Coordination, Coordinating Ministry of Maritime Affairs and Investment of the Republic of Indonesia
● Hon. Brian Jean, ECA, KC, Minister of Energy and Minerals, Government of Alberta
● Charles Oppenheimer, Founder, Oppenheimer Energy Ventures
● Helle Kristoffersen, President of Asia and member of the Executive Committee, TotalEnergies
● Kathy Wu, Regional President Asia Pacific, Gas & Low Carbon Energy, bp
● Hitoshi Nishizawa, SVP, LNG Division, JERA Inc.
● Rashed Al Mazrouei, Petroleum Engineer, Ministry of Oil Kuwait
● Ryoji Miyawaki, CEO, Aakel Technologies Inc.
● Joe Raia, CCO, Abaxx Commodity Futures Exchange and Clearinghouse
● Kiyoshi Hikino, Director of Power and Gas Market Policy Division, Agency for Natural Resources and Energy, Ministry of Economy, Trade and Industry (METI)
● Hayley Pham, VP of Business Development, Asia Pacific, Low Carbon Solutions, ExxonMobil
● Srimonto Ghosh, VP, Origination & Customer Solutions, Chevron
● Shinichi Sasayama, CEO, President, Representative Executive Officer, Tokyo Gas Co., Ltd.
● Junya Tawa, Senior Managing Executive Officer, Chief Strategy Officer (CSO) and Head of the Planning Division, JERA Inc.
● Takayuki Ueda, President & CEO, INPEX CORPORATION
● Varun Gujral, CEO Asia Pacific, ENGIE Global Energy Management & Sales (GEMS)
● Claudio Facchin, CEO, Hitachi Energy
● Juancho Eekhout, VP, Business Development LNG and Net Zero Solutions, Sempra Infrastructure
● Eiji Ohira, Director Fuel Cell and Hydrogen, New Energy and Industrial Technology Development Organization (NEDO)
This year's event will introduce a new Climatetech Zone, a platform for startups, students, professionals, entrepreneurs, and industry leaders to explore cutting-edge innovations in climate mitigation and energy transitions. It features the Climatetech Theatre and Startup Zone, offering enriching masterclasses and networking sessions to deepen understanding of climate technology's pivotal role in fostering a sustainable, secure, and affordable energy ecosystem.
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Market Growth and Drivers
The storage tank market, estimated to be worth USD 26 billion in 2023, is anticipated to expand at a compound annual growth rate (CAGR) of more than 5.1% from 2024 to 2032. The primary cause of this expansion is the increasing need for oil and gas storage, fueled by increased exploration efforts and production levels. By 2028, the demand for oil alone is predicted to rise by 6% to 105.7 million barrels per day.
Technological Innovations
The market benefits from introducing innovative materials and construction techniques that enhance storage tanks' durability and safety standards. Remote monitoring capabilities are becoming increasingly prevalent, allowing operators to manage and monitor storage tank facilities from a distance.
Challenges and Opportunities
The market for storage tanks is expected to grow. However, there are still obstacles to overcome, including high upfront costs and a changing regulatory environment with changing safety and environmental regulations. Notwithstanding, these obstacles also offer prospects for expansion and novelty as enterprises endeavor to manage the financial feasibility of ventures and conform to evolving statutes.
Industry Applications
The expansion of the oil and gas, food and beverage, and power industries drives the global storage tank market. The need for more efficient solutions, particularly in exploring shale gas and tight oil fields, prompts the demand for storage tanks. The growing focus on water conservation and wastewater treatment also contributes to the market expansionists.
Sustainability and Environmental Considerations
Sustainability is starting to matter in the storage tank business. Businesses are looking into eco-friendly materials and designs to reduce their carbon footprints, which are connected with storage solutions since there is a growing emphasis on minimizing environmental effects.
Future Outlook
The storage tank market is set to continue its growth trajectory with a strong emphasis on safety, compliance, and technological innovation. Integrating advanced materials, intelligent monitoring systems, and sustainable practices will likely shape the future of storage solutions, ensuring that they meet the ever-growing demands of various industries.
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Storage tanks allow their release during peak consumption times, stabilizing supply and mitigating the risk of shortages. They are critical components in the refining and processing of hydrocarbons. In refineries, tanks store raw materials like crude oil before processing. Post-refinement, they hold finished products such as gasoline, diesel, and jet fuel. Intermediate storage is crucial for the smooth operation of refineries, allowing for the continuous and efficient processing of crude oil into various end products. The ability to store intermediate and final products ensures operational flexibility and efficiency.
The global trade of energy resources heavily relies on storage tanks. These tanks serve as temporary holding facilities for oil and gas at ports and terminals, facilitating the transfer of energy resources between production sites, transportation vessels, and distribution networks. Storage tanks at strategic locations, like pipeline hubs and shipping ports, enable the efficient movement of energy resources across regions and countries. The logistical support is vital for maintaining energy flow in international trade. Storage tanks' economic impact extends beyond energy stability.
Energy security is a significant concern for nations worldwide, and storage tanks are crucial in enhancing it. Many countries maintain strategic petroleum reserves, consisting of large storage tanks filled with crude oil, to safeguard against supply disruptions. The reserves can be tapped in emergencies, like geopolitical conflicts or natural disasters, ensuring a continuous energy supply. Storage tanks buffer against external shocks and contribute to national energy security and economic stability. Storage tanks are becoming increasingly important in the renewable energy sector. Tanks store biofuels produced from organic materials as an alternative to fossil fuels.
Large-scale energy storage solutions, like hydrogen storage tanks, are being developed to support integrating renewable energy into the grid. Modern storage tanks are designed with advanced technologies to minimize environmental impact and enhance safety. Double-walled tanks, leak detection systems, and secondary containment measures are implemented to prevent spills and contamination. Vapor recovery systems capture volatile organic compounds (VOCs) emissions, reducing air pollution. The innovations ensure that storage tanks operate safely and sustainably, protecting the environment and surrounding communities.
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Thermal storage tanks offer a versatile and efficient solution to the energy sector's challenges, including integrating renewable energy sources, electrifying heating and cooling systems, and optimizing conventional power plants. In conventional power plants, such as those fueled by natural gas or coal, ramping up and down to match fluctuating demand can be inefficient and costly. As countries strive to decarbonize their energy sectors, there is increasing interest in electrifying heating and cooling processes currently reliant on fossil fuels. The intermittency of renewable electricity sources poses a challenge for reliably meeting heating and cooling demand.
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As digitalization and decentralization continue to reshape the energy sector, the prospects for EaaS are bright. Policymakers are increasingly pushing for renewable energy adoption and efficiency, creating fertile ground for EaaS providers to expand their offerings. Moreover, the rise of EVs and energy storage technologies will drive demand for integrated energy services.
EaaS represents a groundbreaking departure from traditional utility business models. By focusing on tailored energy solutions, supporting sustainability goals, and leveraging technological advancements, EaaS offers providers and customers new ways to thrive in the evolving energy ecosystem. While challenges remain, the potential to create a more efficient, decentralized, and greener energy future makes EaaS a compelling model for future generations.
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