Mitsubishi reveals its green bond issuance plans
On November 24, Japanese engineering giant Mitsubishi Heavy Industries (MHI) is expected to issue a green bond of $239 million (JPY 25 billion) as it seeks to collect funds to support the task of decarbonization.
At the end of October, MHI announced its green bond issuance plans, stating that the funds raised would target investments in existing or new renewable energy and clean energy companies and projects related to wind, hydrogen and geothermal energy systems.
MHI signed an agreement with Vestas Wind Systems at the end of October to extend their collaboration in the area of renewable energy.
Under the arrangement, Vestas will acquire MHI's shares in the joint venture of MHI Vestas Offshore Wind (MVOW), and MHI will acquire 2.5 percent of Vestas and be named to the Board of Directors of Vestas.
The company has also been involved in hydrogen-building ventures with a clear record in the construction of hydrogen production systems and rocket engines using hydrogen as a liquid fuel.
MHI Group is currently involved in a feasibility study for a project aimed at converting part of the natural-gas-fired GTCC power plant in the Netherlands to 100% hydrogen firing by 2025 (440 megawatts).
The engineering firm is also part of the Challenge Net Zero Carbon Innovation program, in which Japanese companies and organisations, in line with the Paris Agreement objectives, will support and promote worldwide creative steps taken to achieve a decarbonized environment.
Moreover, as announced by the country's Prime Minister, Yoshihide Suga, at the end of October, Japan vowed to become a net-zero nation by 2050.
Maritime Business World