Japanese trading giant Itochu Corp revealed its plans to invest approximately $2 billion in renewable power generation assets across the United States and Canada in collaboration with partners through a specialized fund. In a statement released on Monday, the company outlined its strategic move to capitalize on the surging growth of the renewable energy sector while also securing crucial technologies to support the development of a carbon-neutral economy domestically.
Like other Japanese firms, Itochu is proactively expanding its footprint in renewable assets abroad, driven by the dual objectives of benefiting from the thriving renewable business landscape and obtaining essential technological advancements to meet carbon neutrality goals by 2050 in Japan.
In alignment with these efforts, last week, JERA, Japan's leading liquefied natural gas buyer, made an encouraging announcement of $300 million worth of investments in green technology-focused start-ups, facilitated through a newly established in-house unit. This move forms part of Japan's broader commitment to achieving its ambitious carbon neutrality target.
Itochu disclosed its strategic partnership with Sumitomo Mitsui Trust Bank, as both entities work hand in hand to offer opportunities for institutional investors, predominantly in Japan, to participate in renewable energy projects in the United States and Canada. The joint initiative aims to encourage responsible and sustainable investments in the renewable sector while contributing to the growth of a cleaner and more sustainable energy landscape.
