Report: Marubeni moving away from coal industry

first_imgReport: Marubeni moving away from coal industry FacebookTwitterLinkedInEmailPrint分享Renew Economy:Japanese energy giant Marubeni Corp has revealed plans to halve its ownership of coal-fired power plants by 2030, and withdraw completely from the coal plant building business, in what industry watchers are describing as the latest and strongest confirmation of a global transition to renewables.The sudden strategic pivot by Marubeni – renowned as one of the world’s biggest builders of new coal-fired power generation – was reported in the Nikkei on Monday, in an exclusive story (behind the paywall) outlining the company’s plans to accelerate its shift to renewables.Tim Buckley, from the Institute of Energy Economics and Financial Analysis, said Marubeni’s wholesale shift to renewables dealt a “body-blow to the global coal industry” while offering a profoundly important endorsement of the Paris Climate Agreement.Re-tweeting the Nikkei story, Buckley described it as “one of the biggest breaking stories of 2018 in terms of energy transition.” The image on the Tweet, as he points out, is a concept drawing of Marubeni’s joint venture with Jinko Solar and AWEC in the United Arab Emirates – “one of the lowest priced solar developments to date in the world,” at a tariff of

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