Toshiba, a Japan-based conglomerate, announced that it would not take any new orders for the construction work of coal-fired thermal facilities. The company is planning to shift towards renewable energy solutions.
Toshiba said that it would seek to reduce its greenhouse gas emissions by 50% by 2030 from its base level of 2019. It also has plans to expand its renewable energy business to 650 billion yen (~$6.17 billion) by 2030, from 190 billion yen (~$1.80 billion) in 2019.
“We are planning to build a state-of-the-art windmill domestically to add wind power as a new area of focus. To prepare ourselves for future energy storage demands, we are developing secondary batteries and participating in a world-class pilot program in Fukushima, Japan. With respect to carbon dioxide utilization, we commence the operation of a large-scale carbon capture facility in Fukuoka, Japan,” said Nobuaki Kurumatani, President and Chief Executive Officer of Toshiba.
According to Toshiba, the company will support the infrastructure sector’s transformation to achieve decarbonization goals. It also aims to commercialize its newly developed next-generation tandem and perovskite solar cells by 2025.
Toshiba recently established a new company with a European virtual power project operator Next Kraftwerke for its virtual power business.
This comes on the heels of a recent announcement by Japan, the world’s third-largest economy, that it plans to become carbon-neutral by 2050.
Coal is losing its ground as several companies are ending their support for new coal-fired power facilities. Recently, Germany’s Siemens Energy also announced that it would stop support for new coal-fired power projects.
Similarly, General Electric (GE), a U.S.-based multinational conglomerate, announced its plans to exit the new build coal power market. The company said that it would focus and invest in its renewable energy and power generation businesses.
Mercom earlier reported that India’s largest coal-fired power generator, NTPC Ltd, also aims to transform itself into the country’s biggest renewable energy producer and refrain from acquiring land for new thermal power projects.
Harsh is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.