Investments to the tune of 2 trillion yen ($17.54 billion) in development of alternative energies such as renewables and hydrogen will be made by Japanese company Mitsubishi Corp by 2030, the company said on Monday, and added that this will help the company to further its decarbonisation efforts and to cut down on carbon emissions from its business activities.
A target of reducing its greenhouse gas emissions by 50 per cent by 2030 compared to 2020 levels has been set by Mitsubishi, which is a Japanese trading and mineral resources company and has energy and metals assets globally. The company also plans to achieve net zero emissions by 2050, the company said in a statement.
In recent years, there has been a growing trend among oil and coal producers and consumers throughout the world to shift away from producing and using fossil fuels and instead investing in cleaner energy and developing technology for curbing emission of greenhouse gases causing climate change.
Out of the total budget of 2 trillion yen set by Mitsubishi for its go green purpose, about half of it will be utilised by the company for expansion of its renewable energy assets – which primarily is in wind power, while the other half of the amount is expected to be invested in production of hydrogen and ammonia, liquefied natural gas (LNG) and metals that are used in electrification and batteries.
The Japanese company believes that LNG will continue to be considered to be an important fuel in the transition process from fossil fuel and hence it will continue to invest in LNG. However, it also plans to make investments in carbon capture and storage (CCS) and other technology and use them in the LNG supply chain to reduce CO2 emissions.
Its investment in base metals such as copper that are used in electrification is also planned to be increased by the company. Other areas of interest for investment for Mitsubishi also include battery metals such as lithium, and other materials that are linked to the green economy including bauxite, the raw material in aluminium, which is used to lighten vehicles to cut carbon dioxide emissions.
It added that it plans to continue to maintain its large exposure to coking coal mines and similar assets for the time being.
(Adapted from flipboard.com)