Marubeni Signs Memorandum of Understanding for Cooperation in Clean Energy Projects with the UK Government

Source Press Release
Company Marubeni Corporation 
Tags Asset Deals, Deals, Renewable Energy, Power
Date October 12, 2023

Marubeni Corporation (hereinafter, “Marubeni”) is pleased to announce the signing, on October 11, 2023, of a Memorandum of Understanding (hereinafter, “MOU”), with the Department for Business and Trade of the UK Government, on comprehensive cooperation in clean energy projects, including offshore wind and green hydrogen businesses, in the UK.

 The UK government has committed to the UK achieving net zero greenhouse gas (GHG) emissions by 2050 and is also aiming, by 2030, to deploy offshore wind farms with a total capacity of up to 50 GW, which will include up to 5 GW of floating offshore wind farms and 10 GW of production capacity for low carbon hydrogen*. The MOU affirms the partnership between the UK Government and Marubeni, indicating the UK Government’s commitment to supporting Marubeni's plans, with its partners, to invest approximately £10 billion in clean energy projects over the next 10 years.  

In September 2018, Marubeni issued the Notification Regarding Business Policies Pertaining to Sustainability in Relation to Coal-Fired Power Generation Business and Renewable Energy Generation Business and, in March 2021, formulated the Marubeni Long-Term Vision on Climate Change, as initiatives to contribute to efforts to address global climate change. In addition, in November 2021, Marubeni signed a Memorandum of Understanding with Scottish Enterprise on comprehensive collaboration for the decarbonisation of Scotland through floating offshore wind and green hydrogen businesses.

Marubeni will leverage its collaboration with the UK government and local governments to promote clean energy projects in the UK and contribute to the UK’s goal of achieving net zero GHG emissions, while also feeding back the knowledge and experience gained through its UK operations to Japan, thus actively contributing to Japan’s decarbonisation efforts.

*Low carbon hydrogen: Hydrogen, including green hydrogen, associated with reduced GHG emissions levels during its production process.

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