Page 7 - AsiaElec Week 10 2021

AsiaElec COAL-FIRED GENERATION AsiaElec

Marubeni brings forward coal

generation reduction goals

JAPAN JAPAN’S Marubeni said this week that it would withdrawal in November from coal is its decision
reduce its greenhouse gas (GHG) emissions to not to fund the 630-MW, $21.bn Thabametsi
net zero by 2050. It has also brought forward coal-fired power plant in South Africa.
from 2030 to 2025 its target date for halving its Marubeni said at the time that it was becom-
net coal power generating capacity from the level ing increasingly difficult to sell its stakes in coal-
achieved in 2019, which means 1.5 GW by 2025, fired power plants overseas, and issue that it will
Reuters reported. face again and again as coal projects across Asia
In 2018, Marubeni unveiled plans to reduce and Africa remain controversial.
its net coal power generating capacity at home Fellow trading house Sojitz said earlier in
and abroad to 1.5 GW by 2030, down from 3 GW March that it wanted to withdrawal completely
in 2018. from thermal coal, oil and coking coal projects.
Marubeni’s move joins other Japanese trad- It aims to cut its interests in thermal coal pro-
ing companies and utilities in reducing their jects by more than half by 2025, and to zero by
exposure to coal in Japan, Asia and the world. 2030. It also wants to have zero exposure to oil
They are under pressure both from investors, by 2030 and from coking coal by 2050.
and from the government, which aims to be car- Japan is also a major exporter of coal tech-
bon-neutral by 2050. nology and funder of coal power plants, with the
The company said that its current coal capac- country financially supporting 24.7 GW of coal
ity is now 2.6 GW, down from 3 GW in 2028. As development abroad, according to data from
well as 1.5 GW by 2025, it is now aiming for 1.3 Global Energy Monitor (GEM). Marubeni has
GW by 2030. been involved in this movement in recent years.
However, although withdrawing from coal, This is concentrated in Southeast Asia, where
or perhaps more accurately, not developing any coal power plant development continues apace,
new coal-fired power projects, it still intends to despite the withdrawal of Western banks, inves-
invest in new gas projects. tors and development finance institutes (DFIs).
Marubeni’s 2050 net-zero emissions goal will However, Japanese investors are slowly disen-
be achieved without using carbon credits and gaging from their coal exposure in the region, as
carbon trading, a company spokesman said. well as in Africa.™
One recent example of Marubeni’s

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