Mitsui & Co., Japan’s trading house, is planning to scrap off all its holdings in coal-fired power plants by the end of 2030 as the company works towards achieving its zero-emission target by 2050 and shifts from coal to gas. The company, whose more than two-third revenues are from metals and energies, is also mulling over going away from oil.
Notably, Mitsui is one of the five trading and investing ventures on which American legend investor Warren Buffet’s company, Berkshire Hathaway, has bought 5% stakes, which is further planned to rise to 9.9% holdings.
Mitsui holds several equities holdings, in which its energy instruments comprise of 181,000 barrels per day in gas and 78,000 BPD in crude oil. Apart from metals and energy, the firm has significant holding in healthcare sectors too, where the major holding is on Malaysian Hospital, IHH Healthcare Bhd, where the Mitsui has 32.9% stake.
The firm’s crude oil bets will significantly slump by 2030 as the launch of LNG projects is scheduled in four years in artic Russia and Mozambique.