Japan's Marubeni, J-POWER to fund Glencore's carbon capture project in Australia

(Reuters) - Japan's Marubeni Corp and J-POWER will fund A$20 million ($14.44 million) in a carbon capture and storage project owned by mining giant Glencore in Australia, the companies said on Wednesday.

Glencore's CTSCo carbon capture and storage project in Queensland, Australia will capture carbon dioxide from the Millmerran coal power plant and store it underground.

Marubeni and J-POWER, which also operate joint venture projects with Glencore in Australia, will contribute A$10 million each towards the project, the companies said.

Carbon capture and storage has become a popular technology among major mining and energy firms, who are known to be heavy polluters, to invest in and offset their carbon footprints to meet net-zero targets.

($1 = 1.3848 Australian dollars)

(Reporting by Harshita Swaminathan; Editing by Shailesh Kuber)