October 13, 2020 Read More →

Japanese trading firm Mitsui to sell remaining coal-fired power plant assets by 2030

Reuters:

Japanese trading house Mitsui & Co Ltd plans to sell its remaining stakes in coal-fired power stations by the end of the decade as it shifts to gas from coal to help achieve its 2050 net zero emission target, its chief executive told Reuters.

“We still own stakes in coal-fired plants in Indonesia, China, Malaysia and Morocco, but our goal is to make it zero by 2030,” Mitsui CEO Tatsuo Yasunaga said in an interview on Friday.

The comment – Mitsui’s first on selling out of coal-fired power generation – comes as firms worldwide move away from coal to cut harmful carbon dioxide emissions and slow climate change. 

Mitsui, which generates about two-thirds of profit from energy and metals, is also shifting away from oil. “With the COVID-19 crisis, we have postponed investment in a few upstream oil deals, but our liquefied natural gas (LNG) projects are on track,” he said.

“Renewable energy can’t replace all other power sources in one fell swoop. Gas goes well with volatile renewable energy as gas-fired power generation is easy to switch on and off,” he said, adding Mitsui is also keen on cleaner energy such as offshore wind farms and hydrogen projects.

[Yuka Obayashi and Noriyuki Hirata]

More: Exclusive: Mitsui & Co to sell all stakes in coal-fired power plants by 2030 – CEO

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