JFE Holdings Inc., a steel manufacturer in Japan, said that it will issue new shares and corporate bonds to raise a total of 211.5 billion yen for the acceleration of its decarbonization strategy.

Among them, 121.5 billion yen will be raised through the issuance of treasury shares and will be used to strengthen the production capacity of high-performance electrical steel sheets at West Japan Works’ facilities. Another 90 billion yen will be raised through corporate bonds and will be used to introduce new electric furnaces for East Japan Works’ stainless steel production.

The company has a goal to reduce carbon dioxide emissions by 30% or more by the fiscal year 2030 compared to the fiscal year 2013’s level, and it will need around 1 trillion yen to support this target.