Toshiba Corporation sets new target to cut CO2 emission

On June 13^th, Toshiba Corporation (TYO:6502), one of the largest Japanese multinational companies announced an ambitious goal of cutting its CO₂ emission up to 117.7 million tons a year by 2025. This amount is more than double its initial target; 57.6 million tons. In 2007, the company introduced Toshiba Group Environment Vision 2050, where the company set targets for enhancing environment efficiency and raising the company’s overall eco-efficiency. The company is consistently working toward supplying eco-friendly energy system and reducing its CO₂ emissions. The company wants to achieve a total reduction goal of 82 million tons per year through its energy system supply business. Huliq.com reports:

The upward revision in the energy systems business represents Toshiba's determination to increase the contribution from its nuclear power business. Environmental concerns increasingly require the best possible mix of nuclear power thermal power, hydro power, geothermal power and new power sources, and the fact the nuclear power generation is CO2-emission-free gives it an important and rapidly growing role. In fact, the IEA's "Energy Technology Perspectives 2008” shows that meeting the target of halving global CO2 emissions by 2050 would require construction of 32 nuclear power plants a year around the world through to 2050. Toshiba recognizes this as an area where Toshiba Group can take the lead. While aware that the ultimate achievement will be strongly influenced by future market developments, Toshiba is proactively responding to current conditions by raising its original estimate of 47 million tons a year by 35 million tons to a new target of 82 million tons a year.

The company is also targeting to cut CO₂ emissions by 35.7 million tons per year at its consumer and industry product business by 2025 by promoting light-emitting diodes for lighting that consumes less energy. Toshiba Corporation’s decision also coincides with Japanese Prime Minister Yasuo Fukuda’s pledge to cut Japan’s emission of CO₂ by 60%-80% by 2050.

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G8 countries agree to reduce CO2 emission by 50% by 2050

In a meeting of the Group of Eight industrialized nations at Kobe in Japan the environment ministers urged the USA and Japan to reduce green house gas emissions by 2020. The eight countries of the G-8 nations: the USA, Japan, Britain, Germany, Italy, Canada, Russia and France are aiming to reduce the emission of CO₂ and other harmful gases by 50% by 2050. According to the ministers these steps are very much necessary to avoid the future ecologic disasters caused by global warming. AP reports:

But a major focus of the meeting in Kobe is midterm targets for 2020, which scientists say are needed to avoid a potentially disastrous rise in world temperatures of more than 3.6 degrees Fahrenheit over levels prior to the industrial age.

"A long-term goal is not a substitute for midterm, mandatory targets," said Matthias Machnig, Germany's environment minister.

The European Union has pledged a 20 percent emissions reduction by 2020, and has offered to raise it to 30 percent if other nations sign on. A U.N.-brokered agreement last December included a footnote referencing the need for cuts of between 25 percent and 40 percent.

The United States, however, has not committed to a midterm goal, demanding that top developing countries like China also commit to reductions. Japan has called for emissions by industrialized countries to begin to fall in the next one or two decades, but it too has stopped short of setting a 2020 target.

The United Nations has urged the G8 countries to reduce emission but it has not been fruitful. According to U.N. climate chief Yvo de Boer, enthusiasm to reduce emissions is waning among the developed countries. He said that G8 countries should send serious message to the world. Japanese Environment Minister Ichiro Kamoshita said that world’s richest countries should take the first step in battling the climate change.

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