The company aims to cut CO2 emissions by 50% by 2035.
Japan’s Sumitomo Corporation will exit the thermal coal mining business by 2030 either through sale of its stakes or the ending of the life of its mines, said its senior managing executive officer, Hideki Yamano.
The company’s new three-year business plan revealed that Sumitomo plans to cut its CO2 emissions by more than 50% by 2035 from 2019 levels.
By 2040, Sumitomo would have withdrawn from coal-fired power generation entirely.
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