The Japanese power utility JERA has announced that it will invest JPY5,000bn (US$32.4bn) by 2035 into the development of renewable energies, LNG, hydrogen and ammonia. By fiscal year 2035, JERA is targeting over 35 Mt in annual LNG transaction volumes, 20 GW of renewable energy capacity and 7 Mt of hydrogen and ammonia.
Each of those areas would receive between JPY1,000bn and JPY2,000bn (US$6.4-12.9bn) in investment over the decade. The company also plans to reduce its emissions by at least 60% from 2013 levels and reach net-zero in 2050, in line with Japan’s national target. In addition, JERA plans to phase out inefficient coal-fired thermal power by FY 2030 and to convert all other coal-fired power generation to ammonia by 2040 to completely phase-out of coal.
JERA is the largest power producer in Japan with 61 GW of coal, oil, and gas-fired capacity in Japan and 10 GW overseas, and sales of 255 TWh in FY2022.