Mitsubishi says to splash $17.5 billion to reduce emissions

Japanese trading house Mitsubishi Corp plans to invest 2 trillion yen ($17.55 billion) by fiscal 2030 in renewable energy, copper, LNG, and hydrogen, as it looks to achieve net zero emissions from its operations.

Mitsubishi said on Monday it plans to halve its greenhouse gas emissions by fiscal 2030 on 2020 levels, and to achieve net zero emissions by fiscal 2050.

“We will utilize every means available, aiming to reduce total emissions to a level consistent with the Paris Agreement, including by replacing assets and by switching operations to renewable energy and alternative fuels,” the firm said.

Mitsubishi said it would continue to invest in LNG and develop “carbon-neutral LNG through responsible use of offsets including CCUS, carbon credits, etc.”

The firm’s unit Diamond Gas International has already delivered carbon-neutral LNG cargoes to Japan’s Toho Gas and to Japex.

LNG is one of Mitsubishi’s core businesses. The firm has stakes in several projects around the globe including in Browse and North West Shelf in Australia, Malaysia, Brunei, Donggi-Senoro, Tangguh in Indonesia, Sakhalin II in Russia, and LNG Canada, according to its website.

Most Popular

Shell adds another LNG carrier to its fleet

A unit of UK-based LNG giant Shell has added another chartered liquefied natural gas carrier to its fleet.

Hanwha Engine completes first X-DF engine with VCR tech

South Korea's Hanwha Engine, a subsidiary of Hanwha, has completed what it claims is the world's first WinGD X-DF engine equipped with VCR (variable compression ratio) technology for LNG carriers.

Chevron, China’s ENN seal second LNG SPA

US energy giant Chevron has signed a second LNG sales and purchase agreement with Chinese independent gas distributor ENN.

More News Like This

South Korea gets first LNG Canada cargo

The 174,000-cbm GasLog Glasgow, which is carrying the first liquefied natural gas cargo produced at the Shell-led LNG Canada facility in Kitimat, has arrived in Tongyeong, South Korea, according to shipping data.

Cameron LNG hits new milestone

Sempra Infrastructure, a unit of Sempra, and its partners have shipped the 1,000th cargo of liquefied natural gas from the Cameron LNG export plant in Louisiana since 2019.

LNG Canada to send third cargo

Shell-led LNG Canada is expected to soon ship the third cargo of liquefied natural gas from the Kitimat facility, according to shipping data.

LNG Canada sends second cargo

Shell-led LNG Canada has shipped the second cargo of liquefied natural gas from its Kitimat facility on the west coast of Canada. LNG Canada shareholder Petronas will deliver this shipment to Japan.