Saturday, Oct 1, 2022
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Toshiba to stop new orders for coal-fired thermal facilities

Toshiba Japan_IFM_Image
The company plans to reduce its greenhouse gas emissions by 50 percent by 2030

Japan-based multinational conglomerate Toshiba has announced that it will stop taking new orders for coal-fired thermal facilities as the company shifts its focus to renewable energy. However, it will still complete work in about 10 other facilities.

Toshiba is planning to reduce its greenhouse gas emissions by 50 percent by 2030. It is reported that the company is also planning to expand its renewable energy business to $6.17 billion by 2030 from $1.80 billion in 2019.

Nobuaki Kurumatani, president and chief executive at Toshiba told the media, “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.”

Toshiba is also planning to foray into the virtual power plant business in Japan, which means that it will operate renewable energy facilities similar to a large power plant. For that reason, Toshiba will team up with German virtual power plant operator Next Kraftwerke. Through the partnership, the Japanese conglomerate expects to leverage the German company’s know-how and it will encourage renewable energy producers across Japan to participate in new projects.

Japan plans to reduce the country’s greenhouse gas emissions to zero by 2050. To achieve its climate goals, the country will increase the share of renewables in its energy mix.

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