Newsroom
May 1st 2024
Canopy Blue and Sumitomo Corporation Announce Memorandum of Understanding to Advance Sustainable Marine Practices in Japan
Our spinout, Canopy Blue recently announced a new partnership with Sumitomo Corporation, a leader in global trading and investment with a committed focus on environmental sustainability. This strategic Memorandum of Understanding marks a significant milestone in leveraging marine ecosystems for climate change mitigation and biodiversity enhancement in Japan.
Strategic Collaboration to Enhance Blue Carbon and Marine Biodiversity
Through this collaboration, Canopy Blue and Sumitomo Corporation aim to harness their combined expertise and resources to advance sustainable marine practices across Japan. The partnership will focus on the cultivation and restoration of kelp and seaweed, pivotal in generating blue carbon credits and improving marine biodiversity.
Sumitomo Corporation brings to the partnership its vast experience in environmental innovation and a deep network across various industries, positioning it as a key participant in expanding the scope of marine sustainability projects.
Canopy Blue will provide ongoing support and share its specialised knowledge in seaweed and kelp restoration with Sumitomo Corporation to identify viable project locations throughout Japan.
Sumitomo Corporation will facilitate collaboration with local stakeholders, including municipalities and fishermen, to ensure community-integrated and sustainable project development. Both parties will jointly invest in research and development to implement cutting-edge techniques for kelp cultivation, restoration, and harvesting, aiming to maximise the environmental and economic benefits of these projects.
Canopy Blue has engaged Trident Capital to commence a $10 million capital raising initiative. A portion of these funds will be directed to the collaboration with Sumitomo Corporation, underscoring Canopy Blue’s commitment to fostering a meaningful partnership.
“This MOU represents a transformative opportunity for Canopy Blue and marks a significant step forward in our global efforts,” said Jon-paul Cox, CEO of Canopy Blue. “We are thrilled to partner with Sumitomo Corporation to explore the untapped potential of Japan’s marine environments. Together, we are setting new standards for innovation and sustainability in marine ecosystem management.”
This collaboration is expected to accelerate the development of the blue carbon market in Japan and contribute to global efforts in combating climate change through innovative marine restoration projects. By setting a precedent for international cooperation in blue carbon initiatives, this partnership highlights the critical role of sustainable marine practices in achieving broader environmental goals.
For further information, please contact:
Jon-paul Cox
