BHP leads global steelmakers group to study Asian carbon capture hubs
The group, comprising ArcelorMittal Nippon Steel India, JSW Steel (JSTL.NS), opens new tab, Hyundai Steel (004020.KS), opens new tab, Chevron Corp (CVX.N), opens new tab and Mitsui & Co (8031.T), opens new tab, will assess the deployment of CCUS in "hard-to-abate" sectors, such as steelmaking.
The one-year pre-feasibility study will focus on the potential to develop large-scale projects in Asia, which could repurpose or store captured carbon dioxide.
While carbon capture technologies are relatively mature, they face cost and regulatory hurdles in many Asian markets.
The consortium will evaluate how shared infra can cut costs, aggregate sufficient volumes of carbon dioxide for storage or reuse and distribute risks across companies.
"By leveraging shared knowledge and resources with our partners, we are investing in support for innovative solutions, like the potential of CCUS, that we see as an essential part of decarbonising hard-to-abate sectors such as steelmaking," said Ben Ellis, BHP's vice president of marketing sustainability.
The study is expected to conclude at the end of 2026, with findings to be made public.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Trump signs executive order to extend China tariff deadline for 90 days, CNBC reports
Aug 11 (Reuters) - U.S. President Donald Trump has signed an executive order extending the China tariff deadline for another 90 days, CNBC reported on Monday, citing a White House official.
Finextra
an hour ago
- Finextra
What SoftBank's PayPay IPO float means for embedded finance in Japan
0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Last week Reuters reported that SoftBank has picked investment banks Goldman Sachs, JP Morgan Chase, Mizuho and Morgan Stanley to support a potential US IPO for its Japanese payments app operator, PayPay. In what could be as early as Q4'25, PayPay could raise over $2 billion from investors, but timing and the amount are subject to market conditions. PayPay's success can be attributed to 'encouraging Japanese consumers to move away from a long-standing preference for cash by offering rebates on payments through its mobile app.' As SoftBank prepares to float PayPay on the US stock market, this marks a significant milestone for the Japanese fintech sector, but embedded finance worldwide. PayPay started as a QR-code payments app and has now matured into a financial platform that offers banking, credit, and securities within a single user interface. This reflects a broader shift in how financial services are delivered, and raises important questions for incumbent banks, their challengers, and regulators. Here's what SoftBank's PayPay IPO float could mean for the embedded finance trend in Japan, Asia and the world. From payments to platforms PayPay holds substantial market share in QR code and barcode payments in Japan, representing around 64% of total transaction volume in 2024. With remarkable user growth and 70 million registered users as of July 2025 - half of Japan's smartphone users - this has also resulted in widespread merchant adoption. PayPay is accepted across major chain stores, small businesses, vending machines, taxi and public transport, and has contributed to the government's Cashless Vision initiative. The app has evolved into a financial super app, offering traditional banking services, providing accessible asset management services, offering credit card services, and allowing users to transfer funds between accounts instantly and without fees. In addition to encouraging younger consumers to use the app for allowances, PayPay has also partnered with other Asian cashless payment services such as Alipay and Kakao Pay. PayPay is today a true fintech platform, pivotal to revolutionising the fintech landscape in Japan by driving the adoption of cashless payments, but also promoting financial inclusion and enhancing security through eKYC verification, a 24/7 hotline and a full compensation scheme. Embedded finance: A global trend Embedded finance, the integration of financial services into non-financial platforms, is gaining traction worldwide. In Asia, super apps like WeChat, Grab, and PhonePe have pioneered this model, offering everything from payments and lending to insurance and investment. Japan's adoption of embedded finance is particularly noteworthy given its historically conservative financial sector. PayPay's success suggests a shift in consumer expectations and regulatory openness, paving the way for more agile, tech-driven ecosystems. Research suggests that the embedded finance industry is expected to grow by 27.7% during 2024 to 2029, and Japan is a fully-fledged participant in this uptick. With the Japanese government's aim to have 40% of transactions be cashless by 2025, embedded finance initiatives must evolve alongside this. 'In the embedded finance field, the players are ordinarily divided into three categories: brands, enablers, and license holders; however, enablers (as player of the second category) act as license holders (as player of the third category). 'The second unique characteristic is that financial companies are users of embedded finance. This is because the speed of digital transformation at traditional financial companies is relatively slow, and traditional financial companies seek to utilize embedded finance to accelerate their digital transformation,' research outlines. These are not new developments. In November 2023, Stripe expanded its support for Japanese card network JCB, making it easy for businesses to accept payments. Further, in October 2021, embedded financial services platform Orenda partnered with card issuer Nium to leverage BaaS APIs and provide no-code banking infrastructure to their clients. Implications for Western markets While embedded finance is flourishing in Asia, Western markets have been slower to embrace the super app model. Fragmented regulatory environments, legacy infrastructure, and heightened privacy concerns pose significant barriers, and the West has a more fragmented app ecosystem with a preference for specialised apps. If Western markets fail to embrace the super app model, they risk falling behind in user engagement, convenience, and potentially facing increased competition from companies that do adopt the model. However, success of super apps in the West will depend on whether companies can overcome the challenges and adapt to the unique cultural and regulatory landscape. However, PayPay's upcoming IPO could serve as a blueprint for Western fintechs seeking to scale through integration rather than expansion. For instance, PayPay's success stems from its evolution beyond being just a payments app into a comprehensive financial ecosystem offering banking, credit cards, loans, investments, and insurance. Western fintechs can emulate this by diversifying their services and becoming central hubs for their users' financial needs. In addition to this, Western fintechs should consider targeted incentive programs to drive user adoption and engagement in new markets. The road ahead The support of SoftBank and global investment banks lends credibility and resources for expansion and innovation. Western fintechs should cultivate strong investor relationships and strategic partnerships to leverage expertise, resources, and market reach. SoftBank's alignment with AI initiatives suggests that integrating advanced technologies can create significant synergies and value. Moreover, PayPay's listing in the US reflects a strategic choice to capitalise on a market that values innovation, scalability, and potentially offers higher valuations compared to other options. Western fintechs considering IPOs should carefully evaluate global market conditions and choose a listing venue that aligns with their growth objectives and valuation goals. As PayPay enters the global capital markets, its IPO will be closely watched, not just for valuation, but for validation. Can a Japanese fintech ecosystem thrive on Wall Street? Will embedded finance models gain traction in the US? And what does this mean for the future of financial services? For financial institutions, technology providers, and regulators, PayPay's evolution offers a compelling case study in how embedded finance can reshape economies, redefine user experiences, and reimagine the role of financial institutions.
The Guardian
3 hours ago
- The Guardian
US-China trade truce deadline looms threatening escalation of economic tensions
A trade truce between the US and China was set to expire Tuesday, threatening an escalation of economic tensions between the world's two largest economies. Chinese officials said they hoped the United States would strive for 'positive' trade outcomes on Monday, as the 90-day detente reached between the two countries last month was due to expire. 'We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state... and strive for positive outcomes on the basis of equality, respect and mutual benefit,' foreign ministry spokesman Lin Jian said in a statement. Chinese and US officials said they expected the pause to be extended after the most recent round of trade talks held last month in Stockholm. Scott Bessent, the US treasury secretary, said last week the US had 'the makings' of a trade deal with China and that he was optimistic about a path forward. But Trump has yet to confirm any extension to the pause. 'Tariffs are making our Country Strong and Rich!!!' he wrote on social media on Monday morning. Failure to reach a deal would have major consequences. Trump had threatened tariffs on China as high as 245% with China threatening retaliatory tariffs of 125%, setting off a trade war between the world's largest economies. On Sunday, Trump posted on TruthSocial that China should quadruple its purchases of soybeans from the US to help reduce the trade deficit between the US and China. Currently, US exports to China are subject to tariffs of around 30%, with imports from China subject to a baseline tariff of 10% and a 20% extra tariff in response to fentanyl smuggling allegations against China. Some products are taxed at higher rates. US exports to China are subject to tariffs of around 30% The Federal Reserve and many economists have argued that the tariffs will push up prices in the US. Goldman Sachs strategists calculate that US consumers have absorbed 22% of tariff costs through June 2025. That share is expected to rise to 67% if recent tariffs follow the same pattern as earlier ones. Ahead of the tariff deadline, chipmakers Nvidia and AMD agreed to pay the US government 15% of their revenue from advanced chips sold to China in exchange for export licenses to the market. Stephen Olson, a former US trade negotiator, told Bloomberg of the deal: 'What we are seeing is in effect the monetization of US trade policy in which US companies must pay the US government for permission to export. If that's the case, we've entered into a new and dangerous world.' Associated Press contributed to this story
