Mitsubishi Corporation (MC) is pleased to announce that it has signed a memorandum of understanding (MoU) with Bangkok-based Charoen Pokphand Group Co., Ltd. (CP) to conduct a feasibility study (FS) on decarbonizing Thailand's manufacturing industries.
Objectives of this FS
To determine the feasibility of supplying carbon-free power generated in the surrounding region to Thailand, assisting with the country's efforts to decarbonize, and helping its manufacturing industries to become more competitive.
MC has a strong track record of developing renewable energy, starting with projects in Europe and Japan. Through developments like the Monsoon onshore wind power project in Laos (slated to commence operations in 2025), we were among the first to support decarbonization efforts in Southeast Asia. CP is engaged in a wide range of industries, including agriculture and food businesses in Thailand as its core operations, and automobiles, real estate and communication business. Through this FS, we will combine MC's strengths in renewable energy development with CP's robust network in Thailand to identify ways for the country to both decarbonize and fortify its manufacturing sector.
With energy in a global state of upheaval, developers in Asian markets must promote transformations that are based on each country's unique circumstances. This is essential to ensuring energy stability, economic growth, and climate action. Thailand's government has set targets for the country to be carbon neutral by 2050 and achieve net-zero carbon emissions by 2065.
In addition to promoting decarbonization domestically, Japan's government has pledged to further decarbonization efforts throughout Southeast Asia, as demonstrated by its establishment of the Asia Zero Emission Community (AZEC). Invested in energy security, economic growth and AZEC's basic principle of decarbonization, this MoU was signed on December 16, 2023, during a ceremony commemorating 50 years of ASEAN-Japan friendship and cooperation.
MC is committed to not only accelerating actions that falls within the scope of this FS and furthers its own energy-transformation objectives, but also helping to decarbonize Thailand and other Southeast Asian countries. We will continue to do our part to decarbonize our planet and ensure a sustainable future for all who call it home.