Toshiba has declared that it will be halting all the programs and activities it had planned for its new coal-fired power plants. The company hopes that this move can prepare it to transition to clean energy, although it would still resume operations for those companies that were already in action. Toshiba revealed that it would be continuing with the development of steam turbines while delivering support services to the available coal-fired power plants until they become stable in the energy industry.
The latest batch of companies to transition to clean energy technologies are the equipment developers and suppliers. These companies resorted to developing gas turbines and other resources in the renewable energy sector. Toshiba took this bold move after witnessing a backlash between Samsung C&T Corp. With environmental agencies and the stakeholders in the renewable energy industry. The company was still hot-headed over the halt of its coal projects, agreeing only to stop the fuel ones. On the other hand, General Electric Co. Revealed its intention of quitting the conventional car models and start developing electric cars.
The fossil fuel companies and projects are under siege as pressure piles up on them, stopping and embracing renewable energy. Proponents of renewable energy hope that the government can be stricter on the companies that emit greenhouse gases and those which are still pioneering the completion of coal-fired power plants. These experts argue that this will be the appropriate strategy for these stubborn companies to embrace renewable energy technologies.
The head of Toshiba, Nobuaki Kurumatani, explained that they experienced a reduction in electricity demand from coal-fired power plants, which prompted them to close down the new projects with similar affiliations. The Toshiba president added that they had already started shifting to clean energy after the government initiated the transition to an emission-free ecosystem by the end of three decades.
Kurumatani anticipates renewable energy investment in Japan to supersede $760.6 billion by 2030. He explained that this is possible since the government has outrightly declared its support for clean energy. He added that they would be canceling the other orders that are not in support of renewables unless the customers prove the necessity of having those projects installed where they need them.
Additionally, Toshiba witnessed an escalation in its shares, with the value surpassing that the analysts had anticipated. Experts argue that it would be better if Toshiba switched to clean energy to obtain more profits and acquire more market share in the coming energy market. To sum up, Toshiba is planning to cash into renewable energy programs to maintain its profitability. Additionally, the company will venture to other renewables like hydrogen energy for maximum profitability and employment creation.