Tokyo Gas pledges to spend $1.4 bln on renewables
TOKYO, June 9, 2023 – Tokyo Gas has promised to spend USD 1.4 billion on renewable energy projects in the next three years as it moves away from regional gas projects, Reuters reported on Friday.
Japan’s largest urban gas provider plans to boost its renewable capacity from local and international projects to 6 GW from its current 1.5 GW.
The bulk of its focus is on development of offshore wind farms.
Shinichi Sasayama, president of Tokyo Gas, told Reuters that the shift will complement its gas portfolio, with LNG still part of the country’s energy mix.
Currently LNG supplies 50% of Tokyo Gas’ energy imports.
The company currently buys 13 million tonnes of LNG per year from 13 projects in four countries, down from 15 million tonnes of LNG per year from 15 projects in 2022.
In October 2022, Tokyo Gas agreed to sell its shares in four LNG projects in Australia to MidOcean Energy, a subsidiary of US energy player EIG.
The move to focus on renewables is in line with Japan’s national goal to become carbon neutral by 2050.