Marubeni Corp. said it would no longer start new coal-fired power plant projects and will halve its net coal power-generating capacity of about 3 gigawatts by 2030 to cut greenhouse gas emissions and tackle global climate change.
"As a general principle, Marubeni will no longer enter into any new coal-fired power generation business," the trading house said in a statement announcing its new business policies on coal-fired power and renewable energy.
The decision comes as a growing number of companies and pension funds across the world are divesting assets or companies that generate revenue from fossil fuels, especially coal.