24 °C Singapore, SG
February 24, 2021
Latest News
UK Ford Mustang Mach-E Buyers Get Big Charging Boost Via BP Pulse Network Solar power’s future could soon be overshadowed Why a managed shift away from fossil fuels is essential and urgent. Including for petrostates. Dangerous narratives and climate migration IEA releases India Energy Outlook 2021 report Could an environmental inspector’s criticisms accelerate China’s climate policies? IEEFA Indonesia: Switching coal plants to PLN’s biomass cofiring plan is no magic bullet ‘A big promise’: Biden’s climate spending pledge faces early test Japanese trading firms rethinking fossil fuel investments as global decarbonization push grows World’s largest offshore wind farm planned for South Korean waters Money down for hydrogen hopes in Victoria’s hottest and driest region Rooftop solar booming in Hawaii as utility launches ‘Quick Connect’ Carbon capture technology has been around for decades — here’s why it hasn’t taken off Electric Car Charging As Fast As Gasoline Is The Aim, But Barriers Remain Floating solar panels on 1% of reservoirs ‘could double’ Africa’s hydropower capacity Scientists say world’s huge ice loss is speeding up New York Times: Electric Cars Are Cheaper & Cleaner JinkoSolar Begins Construction On 20 Gigawatt Solar Cell Factory Asia Pacific to reduce cost of front-of-the-meter battery storage by 30% Reformed trade rules can help to save the climate Science warns world of ‘ghastly’ future ahead Kerry climate team begins to take shape Australia not among 50 countries vowing to protect 30 per cent of land and sea by 2030 Investors pressure HSBC to take stronger action to phase out coal financing Morgan Stanley takes stake in SolMicroGrid in a nod toward Energy-as-a-Service model Daimler’s Mercedes-Benz triples its electric car sales as CEO predicts a ‘transformative’ decade IEEFA Indonesia: PLN has ‘Green Ambition’ but is short on renewable energy credibility 2021: The Decarbonization Race Is On From climate ambition to renewables realization – are you hopeful for a better 2021? Improving energy storage will be crucial to a smooth energy transition

Japanese trading firms rethinking fossil fuel investments as global decarbonization push grows

Reuters:

Japanese trading houses are speeding up their efforts to shift away from coal and other fossil fuel assets amid a growing decarbonisation push worldwide and to match an ambitious pledge by government of becoming a carbon neutral by 2050.

The move comes as the trading houses are re-thinking their long-term strategies around upstream investment, Wood Mackenzie Asia Pacific Vice Chair Gavin Thompson, said in a recent note. “If 2020 was a year for the re-evaluation of future plans, then 2021 looks to be the year of implementation,” he said.

For example, Itochu said on Thursday it will offload its stake in a Colombian coal mine, shedding 80% of its thermal coal assets, and will sell the remaining stake in two Australian mines “as soon as possible.” Mitsui is also pulling out from a coal mine in Mozambique after impairment losses reduced the book value of the stake to zero.

Others are also accelerating divestment, with Sojitz moving forward its plan to halve its thermal coal assets by 2030, CFO Seiichi Tanaka said.

Japanese trading companies have already stopped investing in new coal-fired power plants, but Marubeni is expediting its plan to halve its stakes in coal-fired power stations by 2030. “We will speed up as much as possible since contributing to combating global warming is a priority,” Maubeni CFO Takayuki Furuya said.

Known as “sogo shosha” in Japanese, trading houses play a key role in importing everything from oil to corn to sustain the resource-poor economy, but the recent divestment goes beyond coal amid an accelerating energy transition.

[Yuka Obayashi]

More: Japan traders speed up coal asset cuts amid global decarbonisation push

Source

Leave a Reply

Your email address will not be published. Required fields are marked *