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Mitsubishi Chemical Holdings announces carbon neutrality plan Author/Source: Sinochem News Network Date: 11-15-2021 Clicks: 28 Recently, Mitsubishi Chemical Holdings Corporation released a plan to achieve carbon neutrality by 2050. Mitsubishi Chemical Holdings states that, driven by initiatives from governments, organizations, companies and other entities around the world, by 2050 the company will rely on zero-carbon electricity as a foundation. It will work to optimize manufacturing processes by establishing supply chains for low-cost gaseous raw materials such as hydrogen and ammonia, provide subsidies for research and development and equipment investment aimed at achieving carbon neutrality, make full use of biomass and carbon dioxide as raw materials, and actively carry out carbon offset activities, in order to achieve net-zero emissions by that date. In addition, the company announced that by fiscal year 2030, Mitsubishi Chemical Holdings will reduce its emissions by 29% (based on fiscal year 2019). To achieve the aforementioned carbon neutrality goal, the company plans to invest around 100 billion yen by 2030. Mitsubishi Chemical Holdings stated that in February 2020, the company launched its medium-to-long term basic business strategy, \"KAITEKI Vision 30\", which sets the goal of neutralizing the impact of greenhouse gases by 2050. To achieve this goal, the company has been promoting emissions reductions and effective utilization across the entire value chain of greenhouse gases. This time, taking into account the situations in various countries and regions around the world, the company formulated relevant policies. Meanwhile, Mitsubishi Chemical Holdings will introduce an internal carbon pricing system. This system will be introduced in the first half of fiscal year 2022, and by establishing an internal carbon pricing mechanism within companies, it will convert greenhouse gas emissions into monetary values in order to encourage emission reductions. The companies under this firm have also updated their carbon neutrality plans. Among these goals, Mitsubishi Chemical has set a target to reduce emissions by more than 32% at its global factories by 2050 compared to the levels in fiscal year 2019, and by more than 43% at its factories in Japan compared to the levels in fiscal year 2013. By fiscal year 2030, Mitsubishi Chemical aims to move away from coal-based power generation by encouraging its domestic plants to adopt renewable energy, liquefied natural gas, and other power sources with a lower environmental impact. Mitsubishi Chemical will also strengthen its system for conducting life cycle assessments; in the first half of fiscal year 2022, it will calculate the carbon footprint of all products manufactured at its plants in Japan in a timely manner. By promoting digitalization and employee training, conducting timely assessments, and accelerating efforts to reduce emissions across the entire product chain.