Mitsubishi To Spend $17.5B By 2030 To Achieve Decarbonization

Japan's Mitsubishi Corp. will invest 2 trillion yen ($17.54 billion) by 2030 in alternative energies such as renewables and hydrogen to drive its decarbonization efforts and cut emissions, Yuka Obayashi reported for Reuters.

Photo Insert: Wind power plants in the northern Japan prefecture of Akita, in which the Japanese trading house Mitsubishi Corp. has invested

Mitsubishi, a trading house and mineral resources company with energy and metals assets worldwide, aims 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 conglomerate will keep investing in LNG as it believes it will play an important role as transitional energy but plans to use carbon capture and storage (CCS) and other technology to cut CO2 emissions in the LNG supply chain.

Mitsubishi is also considering increasing its stake in base metals used in electrification such as copper. It is also eyeing further investments in battery metals like lithium, and other materials linked to the green economy including bauxite, the raw material in aluminum, which is used to lighten vehicles to cut carbon dioxide emissions.

Mitsubishi, which has a large exposure to coking coal mines, plans to maintain the assets for the time being, it added.

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