Mitsubishi to spend $17.5 billion to drive decarbonization by 2030

Japan's Mitsubishi Corp said on Monday it would invest 2 trillion yen ($17.
54 billion) in renewable energy and alternative energy sources such as hydrogen by 2030 to boost its decarbonization and emission reduction efforts
.

Mitsubishi Corporation is a trading company and mineral resources company with global energy and metals assets
.
The company said in a statement that it aims to halve greenhouse gas emissions from 2020 levels by 2030 and achieve net-zero emissions by 2050
.

The move comes as oil and coal producers and consumers around the world are accelerating their shift away from fossil fuels by investing in cleaner energy and developing technologies to eliminate climate-warming gases
.

About half of Mitsubishi's 2 trillion yen budget will be used to expand its renewable energy assets, mainly wind power, with the rest going to hydrogen and ammonia, liquefied natural gas (LNG) and metals for electrification and batteries
.

The Japanese company will continue to invest in LNG as it sees an important role for LNG as a transitional energy source, but plans to use technologies such as carbon capture and storage in the LNG supply chain to reduce carbon dioxide emissions
.

Mitsubishi is also considering increasing its holdings of base metals such as copper for electrification
.

The company is also considering further investments in battery metals such as lithium, and other materials relevant to the green economy, including bauxite
.
Bauxite is the raw material for aluminum, which can be used to reduce the weight of cars and reduce carbon dioxide emissions
.