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Japan's largest refiner Eneos plans to buy Japan Renewable Energy (JRE) for 200 billion yen ($1.77 billion), marking the first big acquisition of a green power company by a Japanese oil company. The proposed deal will help Eneos achieve its goal of making its own operations carbon neutral by fiscal 2040. Japan's government has pledged to make the entire country carbon neutral by 2050. Eneos has identified renewables, hydrogen and carbon capture as the key technologies to help it achieve its decarbonization goal. As it faces declining demand for gasoline in Japan, Eneos is also looking at electric vehicles and mobility. Eneos said its total renewable power generation capacity in operation and under construction would increase to around 1.22 GW after the transaction closes. The company had previously set a goal of raising its renewable generation capacity to more than 1 GW in Japan and overseas by the end of March 2023. It has also pledged to invest 400 billion yen in renewables by the same date.

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