Toyota has established Toyota Green Energy with Chubu Electric for the purposes of obtaining and managing renewable energy sources in Japan
Toyota Motor Corporation has announced that it has concluded an agreement to establish Toyota Green Energy LLP with Chubu Electric Power and Toyota Tsusho Corporation, for the purposes of obtaining and managing renewable energy sources in Japan and supplying electric power from renewable energy sources to the Toyota Group in the future.
The automotive giant said that it aspires to move toward a society where people, automobiles, and nature can coexist in harmony. Under Toyota Environmental Challenge 2050, Toyota plans to reduce the environmental impact from automobiles to as close to zero as possible and at the same time engage in activities that contribute to the global environment and society. The clean energy to be supplied through this business is expected to reduce CO2 emissions from plants and other facilities to zero in the future and to contribute to the realisation of a low-carbon society.
The investment ratio for the new firm is: Toyota Motor Corporation 50 percent, Chubu Electric Power 40 percent, Toyota Tsusho Corporation 10 percent.
Chubu Electric Power has been increasing the use of renewable energy in its drive to expand the scope of ESG management and contribute to resolving issues relating to SDGs. By participating as a business partner in the activities of the Toyota Group to create a low-carbon society, the company will contribute to improving Japan’s energy self-sufficiency rate and reducing CO2 emissions.
Toyota Tsusho has engaged in the renewable energy business for more than 30 years, from development to operation of power stations, with a focus on wind power and solar power generation. The company plans to make use of its expertise in the management of such business in this project in order to foster the transition to a low-carbon society.
Going forward, Toyota Green Energy will achieve sustainable and competitive energy by maintaining sustainable practices through cost reductions and extending the lifespans of and replacing existing facilities.
Recently, Toyota along with BYD Company had announced the launch of their new joint venture (JV) company to conduct research and development (R&D) of battery electric vehicles (BEVs). Operations are scheduled to commence in May 2020. The name of the new company is BYD Toyota EV Technology (BTET).