March 19, 2021 By Gordon Murray, WPAC
This week, Sumitomo Corporation announced it is creating a new business organization called the Energy Innovation Initiative (EII). This new entity, which launches April 2021, aims to create a next-generation business that will support a carbon-neutral society and a sustainable energy cycle.
Sumitomo is a long-time and highly respected customer of Canadian pellets with strong ties to our industry. The Wood Pellet Association of Canada (WPAC) has a special relationship with Sumitomo going back to the very beginnings of our industry. Over the years, they have been a strong and reliable supporter of our success internationally. The company is also a 100 per cent shareholder and marketing partner with Pacific Bioenergy Corporation in British Columbia.
In a press release, Sumitomo remarked, “While energy demand ceaselessly increases with the rising world population and economic growth, climate change has become an urgent issue to be addressed, and the needs for a sustainable energy cycle has become higher in order to simultaneously achieve environmental burdens reduction and economic growth.”
WPAC members are honoured to provide clean, responsible and renewable wood pellets to Sumitomo and the Japanese market. Our underlying principles around responsible forest utilization and fibre sourcing align well with this new initiative. We look forward to supporting the EII’s goals which include CO2 capture, storage and utilization.
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