Decarbonisation – Mitsubishi
Japan’s Mitsubishi will invest 2 trillion yen ($17.54 billion) by 2030 in alternative energies such as renewables and hydrogen to drive its decarbonisation efforts and cut emissions.
According to Reuters, Mitsubishi (also owner of Eneco in the Netherlands) claims to halve its greenhouse gas emissions by 2030 on 2020 levels, and to achieve net zero emissions by 2050.
The move comes as oil and coal producers and consumers worldwide accelerate a move away from fossil fuels by investing in cleaner energy and developing technology to eliminate climate-warming gases.
Of Mitsubishi’s 2 trillion yen budget, about half will be spent on expanding its renewable energy assets, mainly wind power, while the rest will go to hydrogen and ammonia, liquefied natural gas (LNG) and metals used in electrification and batteries.
The Japanese company will keep investing in LNG as it believes it will play an important role as a transitional energy, but plans to use carbon capture and storage (CCS) and other technology to cut CO2 emissions in the LNG supply chain.