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.

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