Japan’s Itochu plans renewables fund for USA, Canada

Japan

TOKYO, July 25, 2023 – Itochu Corporation and its partners plan to spend around USD 2 billion on renewable power generation assets in the USA and Canada, the Japanese trading entity announced on Monday.

Investments will be delivered through a dedicated funding unit.

The company announced that it would work with Sumitomo Mitsui Trust Bank on the creation of the fund.

Earlier in July, Japanese LNG importer Jera announced it was investing USD 300 million towards SMEs working on sustainable technologies through a newly formed internal unit.

Japan has set a goal to become carbon neutral by 2050 and will be using these ventures to explore new technologies and gain knowhow.