Major Energy Companies Accelerate Investments in Renewable Energy to Achieve Carbon Neutrality

As achieving a carbon-neutral society has emerged as a global challenge, major domestic energy companies are actively investing heavily in renewable energy fields such as solar and wind power to reduce their reliance on fossil fuels.

In line with the government's carbon neutrality policy, energy companies are successively announcing targets for the supply of renewable energy such as offshore wind power and solar power. In particular, Tokyo Gas, the largest comprehensive energy company in Northeast Asia, has set a goal of increasing its wind and solar power generation capacity to 6 million kW by 2030, more than four times the current level. They plan to invest approximately 6 trillion won to achieve this.

In the offshore wind power generation sector, Tokyo Gas is strengthening its global partnerships by investing in and jointly developing with a US company that possesses floating wind turbine technology, and establishing a collaborative system with advanced European companies. Last year, they also invested approximately 330 billion won in an offshore wind power specialized investment fund. Tokyo Gas emphasized that as a city gas company, they are in a position to lead the global decarbonization trend, actively promoting the expansion of renewable energy.

In addition, JERA, a power generation company invested in by Tokyo Electric Power and Chubu Electric Power, established a renewable energy development specialist company in April and plans to invest over 10 trillion won domestically and internationally by 2035.

As international demands for decarbonization increase, major energy companies are expected to continue expanding their investment in renewable energy in the future. To meet government policies and market demands, proactive responses in renewable energy and new technology fields, in addition to existing fossil fuel businesses, seem necessary.