Mitsubishi Corp. has announced that it will invest about 2 trillion yen by fiscal 2030 to promote decarbonization.
In addition to expanding renewable energy sources, the firm will work to utilize next-generation energy such as hydrogen and ammonia, which do not emit carbon dioxide when burned.
Mitsubishi plans to invest about 1 trillion yen in renewable energy, and about 1 trillion yen in metal resources such as copper and rare metals, and next-generation energy. It has also set a goal of reducing its greenhouse gas emissions, through a series of initiatives, to half the fiscal 2020 level by fiscal 2030, and to achieve net zero emissions by 2050.
Mitsubishi plans to double its capacity to generate electricity from renewable energy sources such as wind power. However, "Japan has a limited number of suitable areas for solar and wind power," the official in charge of the project said. "It will be impossible to achieve zero emissions in the electric power sector simply by expanding renewable energy."
Therefore, Mitsubishi will focus on commercializing next-generation fuels such as hydrogen and ammonia. The company has already announced a plan to start ammonia production in Canada in cooperation with Royal Dutch Shell PLC., a major oil company. It is also planning to produce ammonia in the Gulf Coast of the United States in cooperation with an energy-related U.S. company.
As part of these efforts, Mitsubishi will introduce a system to capture the CO2 generated when hydrogen is produced from natural gas and trap it underground. Natural gas will be positioned as an important energy source during the transition from oil and coal, and a stable supply will be sought.
As for copper, demand for which is expected to increase with the spread of electric vehicles, Mitsubishi aims to expand its business by purchasing more concessions. The company will also focus on the procurement of rare metals such as lithium for batteries.
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