UPDATE1: IHI, Nomura join Malaysia's Nextgreen Global to make pulp, fuel from palm waste
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KUALA LUMPUR, NNA – Japanese heavy equipment maker IHI Corp. and financial service provider Nomura Holdings Inc. have teamed up with Malaysian printer and publisher Nextgreen Global Berhad to make pulp and biomass fuel from palm waste.
The three firms signed a memorandum of understanding Thursday to enhance a palm waste recycling project that Nextgreen began in 2016 at an industrial park in Pekan, the eastern state of Pahang on the Malay Peninsula.
IHI and Nextgreen will work together to establish an energy circulation system including biomass power generation. Nomura will help the Malaysian firm raise funds for the development of the industrial park.
The project is aimed at using waste from producing palm oil, a key industry in Southeast Asia.
Empty fruits bunches, a major waste product of the palm oil mills, are usually dumped by the farms and regarded as the source of methane gas that is contributing to global warming.
This has sparked environmental concerns over the practices in the Malaysian and Indonesian palm industries. The European Union plans to phase out the use of palm oil in transport fuels from 2030.