ENEOS Holdings, the largest oil refiner in Japan, is taking significant steps towards an energy transition by raising $3 billion to develop alternative fuels like hydrogen and synthetic fuels. The company plans to utilize funds from selling shares of its subsidiary, JX Advanced Metals Corp., to fuel projects in liquid hydrogen, organic hydrides, and ammonia for hydrogen storage and transport. The move aims to accelerate research and development in semiconductor and information technology materials, positioning ENEOS as a key player in the transition to a carbon-neutral society. Despite the positive financial outlook for investments in alternative fuels, there are concerns about the environmental impact of hydrogen production, as it often relies on dirty fuel sources. The article also highlights the growing trend of divesting from dirty fuels, with evidence suggesting that companies can benefit financially from transitioning to cleaner energy sources. Overall, ENEOS' strategic investment in hydrogen and synthetic fuels reflects a positive step towards sustainable energy solutions, although challenges regarding environmental impact remain.