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Japan's Sumitomo Corporation (Sumitomo) will halt investment in new oil development projects as it shifts from fossil fuel to a low-carbon business
amid global efforts to cut greenhouse gas emissions, Nikkei Shimbun reported on Sunday.
Previously, Sumitomo Corporation had begun to reduce exposure to coal operations, including mining and power generation, to reduce harmful carbon dioxide emissions and mitigate climate change
.
Japan's major companies have said they will stop investing in new projects to develop thermal coal mines or build coal-fired power plants, but this is the first time Japanese companies have decided not to invest in new oil projects
, according to the Nikkei.
Sumitomo will no longer participate in auctions of new oil projects, although it will continue its existing oil projects, including those in the North Sea
, the newspaper said.
In terms of energy and natural resources, Sumitomo will focus its management resources on renewable energy, such as offshore wind farms and base metals, including copper and nickel
used in electric vehicles.
Japan's Sumitomo Corporation (Sumitomo) will halt investment in new oil development projects as it shifts from fossil fuel to a low-carbon business
amid global efforts to cut greenhouse gas emissions, Nikkei Shimbun reported on Sunday.
Previously, Sumitomo Corporation had begun to reduce exposure to coal operations, including mining and power generation, to reduce harmful carbon dioxide emissions and mitigate climate change
.
Japan's major companies have said they will stop investing in new projects to develop thermal coal mines or build coal-fired power plants, but this is the first time Japanese companies have decided not to invest in new oil projects
, according to the Nikkei.
Sumitomo will no longer participate in auctions of new oil projects, although it will continue its existing oil projects, including those in the North Sea
, the newspaper said.
In terms of energy and natural resources, Sumitomo will focus its management resources on renewable energy, such as offshore wind farms and base metals, including copper and nickel
used in electric vehicles.
