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Japanese trading house Sumitomo Corp plans to exit the thermal coal mining business by 2030 through the sale of its stakes or the ending of the life of its mines, its senior managing executive officer, Hideki Yamano, told an analyst meeting on Monday.

In a new three-year business plan unveiled on Friday, Sumitomo said it aims to cut its CO2 emissions by more than 50% by 2035 compared with 2019 levels and it plans to withdraw from the coal-fired power generation business by the late 2040s through making no investment in new projects.

[Yuka Obayashi]

More: Sumitomo to exit from thermal coal mining biz by 2030 through sale or ending mine life

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