Mitsubishi Corporation to invest £12.6bn to reach net-zero emissions
Mitsubishi Corporation has established new emissions reduction targets that will see the company reach net-zero by 2050 through a £12.6bn investment into an array of low-carbon solutions.
The company, which operates business arms in sectors such as finance, energy, manufacturing, food and transport, has committed two trillion yen (£12.6bn) to spur decarbonisation across its operations.
Mitsubishi is aiming to halve emissions by 2030 compared to a 2020 baseline, investing £12.6bn in low-carbon solutions in the same timeframe. This will act as the foundation for the company to reach net-zero emissions by 2050.
“We will utilise every means available, aiming to reduce total emissions to a level consistent with the Paris Agreement, including by replacing assets and by switching operations to renewable energy and alternative fuels”, the strategy states.
The £12.bn will be spent under “energy-transformation investment guidelines” and will target renewable energy, hydrogen and ammonia and natural gas to help decarbonise. The company will continue to invest in liquified natural gas (LNG) as a transitional energy source, but will also turn to carbon capture and storage (CCS) solutions to cut emissions across its LNG value chain.
In related news, Unity, a company that creates 3D real-time content such as video game engines, has confirmed its approach to net-zero emissions.
The company has confirmed that it is now a net-zero business, after leveraging carbon offsets to account for its 2020 emission levels. The company will now develop strategies to dramatically lower emissions by signing on to the Science Based Targets initiative’s (SBTi) Business Ambition for 1.5C.
Unity has conducted assessments for its 2020 emissions baseline. This first annual data collection resulted in a reported 38,400 metric tonnes of carbon, which is the equivalent of 8,400 passenger vehicles being driven for one year.
These emissions have now been offset. Additionally, Unity is enabling others to use its platforms to drive carbon reductions, Zutari, a South African engineering consultancy, is using Unity to create innovative engineering solutions that deliver real impact and enable environments, communities, for example.
“The science is clear and the time is now,” Unity’s vice president of social impact Jessica Lindl said. “We know that this is just the beginning of a long, continuous effort to acknowledge and act upon the responsibility that we have as global citizens who share this planet.
“We recognise that Unity plays a critical role in a sustainable future – not just through our own commitment, but with the unique ability to support our customers using Unity’s technology to help decarbonise their businesses.”
© Faversham House Ltd 2023 edie news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.