Marubeni has pledged to cut its portfolio of coal-fired power plants in half by 2030 and says that it will no longer invest in new coal-fired capacity, as part of a new approach to sustainable management.
The Japanese conglomerate announced in a statement that it will reduce its greenhouse gas emissions volume from its power generation portfolio by cutting its 3 GW portfolio of coal-fired plants in half by 2030. It will also increase the efficiency of its portfolio assets, and expand its renewable energy business.
Marubeni said that “as a general principle” it would no longer invest in new coal-fired power generation, but added that it might consider pursuing projects that adopt best available technology (BAT) such as ultra-supercritical generating technology and are compliant with the policies of the Japanese government.
It added: “Even if Marubeni does make an exception to take on a project like this, Marubeni will make proposals on the creation of a low-carbon society, efficient power generation systems and the diversification of energy sources; Marubeni will make efforts to contribute to the resolution of local issues in the country and/or region in which the project is executed.”
In the renewables sector, Marubeni plans to expand the ratio of power generated by renewable energy sources in its own net power supply from approximately 10 % to approximately 20 % by 2023.
Marubeni said it has implemented the new strategy because climate change “is a problem that threatens the co-existence of the global environment and society” and would have “an enormous effect on Marubeni’s business and its shareholders”.