Neste and Mitsubishi partner on renewable chemicals, plastics

Neste and Mitsubishi Corp. (MC) have established a partnership focused 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 MC aim to accelerate efforts in building defossilized supply chains for brand owners in Japan. 

Neste says it will provide its expertise in sustainability and sustainable materials in the form of renewable Neste RE, a bio-based raw material for plastics production, while MC will provide its 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, the companies say. 

“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,” Neste Commercial Senior Vice President Carrie Song says. “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.” 

Neste and MC previously have cooperated on several individual projects in the past, including a collaboration with other partners to enable the production of renewable polyethylene terephthalate (PET) bottles for Suntory Holdings Ltd. as well as a multiparty collaboration to produce apparel from bio-based materials for Goldwin Inc. 

“Our strength lies in our capability to establish supply chains and access a wide variety of brand owners in Japan,” Mitsubishi Business Development Division COO Yoshiyuki Watanabe says. “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.”