Mitsubishi Unveils a Roadmap for Sustainability Involving USD 17.5 Billion Investment in Low-Carbon Energies
- Journalist: Patrick Knight
Japan-based Mitsubishi Corporation has set new targets to cut down greenhouse emissions and transform its operational strategies to promote environment-friendly technological evolutions by 2030. Its key targets include slashing down the carbon emissions in 2030 to half the amount from 2020 and attaining carbon neutrality by 2050.
As a major step forward, the company has planned a huge investment rounding to a value of USD 17.5 billion in renewable energies. A half part of the budget will be used for procuring renewable energy sources that predominantly include assets to generate wind energy, while the second half will be spent on exploiting hydrogen, ammonia, liquified natural gas (LNG) and metals required in batteries and electrification purposes. The company has also shown high interest in fostering LNG based supply chain in conjunction with carbon capture and storage technology.
LNG, originating from non-renewable fossil fuels, is the liquified form of natural gas that mainly constitutes methane and other higher alkanes. LNG with its ability to release water and 30-50% lower carbon dioxide emissions in comparison to coal and crude oil on combustion, is gaining huge popularity as an efficient transition fuel.
As per ChemAnalyst, various companies are taking the road to sustainability by considering opportunities for decarbonization of their plant operations. LNG, green hydrogen and green ammonia have emerged as efficient solutions for companies to achieve their carbon-neutrality goals. The increasing dependence of companies like Mitsubishi Corporation on green energy is expected to elevate the demand for liquified natural gas and hydrogen to another level. Furthermore, this investment is expected to strengthen the LNG based supply chain network thereby bringing down the prices of the downstream products.