Japanese trading house Sojitz is planning a complete withdrawal from thermal coal, oil and coking coal projects as part of a new sustainability strategy.
Sojitz announced today a target to reduce its stakes in thermal coal projects by more than half by 2025 and to zero by 2030. The company originally planned to halve its stakes in the thermal coal sector by 2030. Sojitz also said it will achieve a complete exit from oil projects by 2030 and from coking coal projects by 2050.
The company is exiting its oil and coal businesses with a growing trend towards decarbonisation. Japan has attempted to accelerate its withdrawal from coal-related projects amid international criticism and the country’s 2050 decarbonisation target set by prime minister Yoshihide Suga last October.
Sojitz has already sold its 30pc stake in Indonesia’s Bau thermal coal mine in March 2019 and its 10pc stake in Australia’s Moolarben coal mine in March 2020.
Fellow Japanese trading house Itochu also plans to sell its entire stakes in thermal coal mining by the end of the April 2023-March 2024 fiscal year.