MITSUI & Co Ltd plans to sell its remaining stakes in coal-fired power stations by the end of 2030 as it shifts to gas, to help achieve its 2050 net zero emission target.
“We still own stakes in coal-fired plants in Indonesia, China, Malaysia and Morocco, but our goal is to make it zero by 2030,” Mitsui CEO Tatsuo Yasunaga said in an interview with Reuters on Friday.
Mitsui, which generates about two-thirds of profit from energy and metals, is also shifting away from oil.
“With the Covid-19 crisis, we have postponed investment in a few upstream oil deals, but our liquefied natural gas (LNG) projects are on track,” he said.
Through equity holdings, Mitsui’s energy assets comprise 78,000 barrels per day (bpd) of crude oil and 181,000 bpd in gas measured in oil-equivalent terms.
“Renewable energy can’t replace all other power sources in one fell swoop. Gas goes well with volatile renewable energy as gas-fired power generation is easy to switch on and off,” he said, adding Mitsui is also keen on cleaner energy such as offshore wind farms and hydrogen projects.
Outside of energy and resources, Mitsui is betting on healthcare, especially through Malaysian hospital operator IHH Healthcare Bhd of which it owns 32.9%.
“The pandemic has helped spread virtual diagnosis and other services in Singapore and Malaysia, helping our plans to use data to provide new services, including nutrition and disease prevention,” he said. – Oct 14, 2020
