Sumitomo to Exit Coal Business by 2040
Japanese trading house Sumitomo Corp plans to exit the thermal coal mining business by 2030 through the sale of its stakes or the ending of the life of its mines. Sumitomo is also targeting to exit the coal-fired power plant business by the latter half of 2040, including withdrawing from both domestic and overseas project developments and, to achieve its goal of reaching carbon neutrality by 2050.
Sumitomo has joined fellow trading firms Marubeni and Sojitz in toughening its stance on environmental issues. It previously decided to withdraw from new coal-fired power projects with some exceptions and to stop investing in new thermal coal mines, while holding on to its current assets.