Mitsubishi sets solar and heat pump targets in green push

Engineering giant Mitsubishi Electric Group yesterday announced plans to accelerate its push into the cleantech market, identifying photovoltaic solar panels and heat-pump systems as its primary targets, while also pledging to cut its own carbon footprint.

In an echo of rival General Electric's Ecomagination strategy, the company said it plans to achieve sales of about 1,300bn yen ($13.3bn) in 2016 from clean technologies such as solar, heat pumps and other energy efficient power devices.

In particular, it pledged to ramp up solar R&D and manufacturing capacity with a view to increasing solar panels sales five-fold to 250bn yen ($2.6bn) by 2016, and expand its heat pump business from 570bn yen ($5.8bn) this year to 800bn yen ($8.2bn) in 2016.

The company said it will also aim to cut carbon emissions by 5.1 million tonnes on current levels by the same year.

The announcements come just over a year after, Mitsubishi Electric announced its "Environmental Vision 2021" strategy with commitments to cut C02 emissions from use of its products by around 30 per cent, as well as backing PV technology and nuclear power. The 2021 target will coincide with Mitsubishi Electric's 100th anniversary.

"We will train our employees to become aware of the environment, thus working to exist in harmony with the local community and nature," Mitsubishi said in statement at the time of the 2021 launch. "Specifically, we will conduct nature preservation and education activities involving more than one million people."

In August, Mitsubishi Electric also announced plans for a 50bn yen ($459m) investment programme designed to quadruple its output of solar cells by 2012.

Speaking to news agency AFP at the time, Aiji Suzuki, director of Mitsubishi Electric's main solar panel plant, said the move was required to help meet boo ming demand worldwide. "This market is expected to grow globally by about 20 per cent every year," she said. "The demand for solar power will likely reach 5,550 megawatts by 2012."