Mitsubishi, a Japanese business, has made a significant investment in carbon credits from projects that would capture and store carbon dioxide.
In order to purchase almost 200,000 tonnes of carbon dioxide removal credits from technological, or about a fourth of all such purchases to date, the corporation has partnered with carbon offset supplier South Pole.
These credits are expected to fetch millions of dollars when sold. They have already been committed to by organizations including UBS bank, Mitsui shipping line, and Bosting Consulting Group.
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However, New Climate Institute researcher, Takeshi Kuramochi, who has studied carbon capture, said that Mitsubishi’s involvement was “disturbing”.
“If Mitsubishi is to strengthen its ‘commitment to the sustainable future’, they would better contribute to [emissions reductions] by first accelerating its transition of fossil fuel-heavy energy business to renewables,” he said.
According to Global Energy Monitor, Mitsubishi currently operates nine coal power stations in Japan and Taiwan, and is building two in Vietnam and two in Indonesia.
Story was adapted from Climate Home News
