This is Seiji Izumisawa , President and CEO. Thank you very much for taking your time out from your busy schedule. From my side, I would like to give you a briefing about the 2021 medium-term business plan progress. On the, we have this slide on the screen. This will be the table of contents for today. Next slide, please. This will be the executive summary. First of all, with the 2021 MTBP, recently, various initiatives are progressing according to plan, and we have started to see effects. For the FY 23, we will further enhance this outcome to achieve the 7% business profit margin. The second point is about our growth strategy. As I've been saying before, to achieve carbon neutrality from both the energy supply and demand side, we are conducting activities.
I would like to explain more in detail about this matter afterwards. The third point is new initiatives. There are geopolitical risks that are surfacing. That is meaning that there's increased concern for national security. MHI is a leading company in nuclear power and defense. There is a lot of expectations, we would like to fill the role. Next slide, please. This will be the MTBP targets. This is a recap. 2022 MTBP, we have been saying that we're going to strengthen profitability and develop growth areas. This has been the two pillars. Next slide, please. First, talking about strengthening our profitability. Next slide. This is about the progress of our business profit. On the lower left-hand side, we have the normalized profit. This will be FY 2020 profit. We have excluded, these, impacts of special, one-time items.
If we to achieve the FY 2023 target of 7% business profit margin, recovery from COVID pandemic, the existing business growth, service with expansion. On top of that, we want to achieve profitability improvement and organizational transformation. The darker blue portion is the FY 2022 forecast, and the lighter blue portion is the FY 2023 forecast. You can see that basically we are in line with our plan. Going forward, we have to consider FX effects and other one-time items like investments. Taking that into account, we would like to achieve the 10% business profit margin. Next slide, please. By FY 2023, these will be the targets, and we have had the initiatives and impact. Recovery from the COVID pandemic, existing business growth, services expansion.
We have achievements and the effects on this slide. From slide number nine taking slide number nine and ten, I'd like to talk more in the details. I'll go into detail in the slide. In terms of the challenges, we have revised the business portfolio, like acquiring the naval ships business, the Koyagi has been sold, and we have sold the machine tools business. For the various challenges, we have been able to take achievement. Reorganizing the thermal power business, we have consolidated manufacturing facilities and downside European business units. For the metals machinery operations, we have conducted a restructuring the European business. Going forward, we think that this will contribute to our profit. Next slide, please. This is the recovery from the COVID pandemic and existing business growth. This is the progress report.
In terms of the LT&D business, up to FY 21 to FY 22. By FY 22, we have been able to go back to the pre-COVID levels in FY 21. In terms of increases, we have increased sales prices to compensate for the rising materials and logistics costs, and we have been able to minimize the impact. Going to the aero engines business, by FY 2022, we are forecasting we'll be able to surpass the pre-COVID levels in FY 2022. Based on the increasing global needs for MRO, we have created expansion work, so that we can answer to our stations. For the existing business, for the GTCC business, there has been a advancement. Strong demand for the gas-fired thermal power, due to the replacement.
For the steel, there have been metals machinery. There has been active investments in green steel, leveraging our proprietary technology system, like our furnace direct reduction that we are making. Based on this, we think we'll be able to increase our revenue from this business as well. For the services business expansion, including Digital NTX, we have been putting in various initiatives in various products. In terms of the growth, it is in line with the projection. Specifically for GTCC, we have expanded the support organization to five hubs around the world. The machinery systems, you can see it on the right-hand side. This is an example, the package making machine. This is a remote service utilizing AR. By doing this, we have expanded our services. Logistics systems, we have acquired EQD and expanded the direct sales area. There.
That means that we have expanded the service line-up, the rentals equipment, the warehouse equipment. As you can see, in terms of the profitability of the existing business, we have been able to improve our profitability. Going to the next slide. This is about developing the growth areas. First of all, we talked about the energy supply situation. With this increased infrastructure. Excuse me. This is the recent developments in the energy transition. Initially, in terms of the... This has been... Europe has been ahead including renewable energy, but due to the implementation of Inflation Reduction Act, we think that this is going to be accelerated, mainly in the United States. Specifically, in terms of the investment against renewable energy, that has been the focus up to now.
With the introduction of IRA, the energy transition utilizing hydrogen ammonia and focusing on CCUS as carbon capture area, we think that more active investment is going to be conducted. How are we going to focus on the carbon neutrality? The transition to carbon neutrality, what are the investment initiatives? I think that will be the focus going to the next slide. For the decarbonization roadmap, we have a roadmap. In terms of the coal-fired thermal power, we're going to reduce CO2 by ammonia biomass mixed firing. In terms of the older coal-fired thermal power, we're going to replace that with gas turbines. On top of that, we'll combine CCUS in the future.
There will be a transition to the fuels such as hydrogen, ultimately we want to achieve the carbon neutrality. That has been our roadmap. We have been receiving a lot of inquiry according to this roadmap. Next slide, please. This is about the GTCC situation. On the left-hand side, this is the by region share, and the bar is the capacity base market size. As you can see, in terms of the growth of the market, relatively our market share is high. On the right-hand side, in the global market share for MHI, comparing 2019 to 2022, we have been able to increase our share.
In 2022, we have been able to achieve the number one global market share in terms of durability and the ability to install CO2 capture plants and the ease of hydrogen conversion. We have been leveraging these initiatives to be able to maintain high market share while aiming to increase turnover. Next slide, please. Besides that, due to our carbon neutrality initiatives, on the left-hand side, we have the ammonia mixed firing boiler. In the 2030s, in the first half of 2030s, we'll be focusing for the commercial operation. We have already been achieved the 50% ammonia mixed firing technology. Going to down, we have the GTCC plus CO2 capture. This is in Alberta, Canada. We have been able to get a feed study for CO2 capture plant applied to the LNG-fired GTCC power plant.
These types of projects are increasing, so there's a lot of interest towards GTCC that are understanding. On the right-hand side is the hydrogen gas turbine. In 2025, want to commercialize this, and in terms of the testing, we have been able to achieve 50% mixed firing, and we have been able to clear the EU Taxonomy goals. Towards 2030s, in the large frame gas turbines, we are developing to 100% hydrogen-fired plants. Next slide, please. This is the realizing CO2 ecosystem. Here you can see that there are various activities. The capture, the carbon capture part is how this is transpiring and how are we going to focusing on the diverse emission sources. How it will be building our value chain, be our focus.
Next slide's about the CO2 capture market. As I said at the beginning, through the implementation of IRA, this has been the following, and there's a lot of inquiries. On left-hand side, this is the global inquiry situation. The dark blue is the actual FSM books feasibility studies from 2022 up to December 2022, that is. The number of study inquiries has doubled. Of the 30 million ton per year is coming from the United States. The scope gaps scenario on the right-hand side. The 30 million tons per year capture or transportation or storage, the total cost will be about a JPY 0.3 trillion level. Because of the tailwind of IRA, Inflation Reduction Act, we are expecting it to about 400 million tons.
Also the need for a lot of sources for CO2 emission is important. For that, we need a lot of approaches. For example, with a lot of partners, we have to conduct demonstrations. Also as you can see here, standardization is important as well. Still working. Some end-to-end chain entry and also a gas engines for... At each partner we are doing demonstrations.
Through which I would like to lead to actual business. This is just simply CO2 value chain. CO2 capturing is not the end process, and we have to store and also we have to reuse that CO2. On this side is a collaboration with ExxonMobil in terms of CO2 related partnership. This is ExxonMobil partnership, and we reached an agreement last year. On the right side, this is the value chain businesses in Japan. Capture, transportation, storage. Together with partners, we have national hub project for cooperation. We are circling partnerships like this. To realize that we can establish more businesses for our operations. This is about hydrogen ecosystem. This is one of the examples. In Utah, the United States, we have this project. We have the world's largest hydrogen hub we are developing in this project.
We are using renewable energy to produce hydrogen, and also, we store that in the underground salt domes. We supply this energy for clean power generation to produce power. June 2022, we will receive a loan guarantee from U.S. Department of Energy, and we are aiming for start of commercial operation in 2025. This is on the demand side of what we are doing. Automation, optimization, and high reliability are offered to our customers with our solutions. We use power generation equipment and IGS technology, and they are connected on the platform called ΣSynX to meet the needs of a lot of different customers. For example, intelligent logistics and also, refrigerated warehouses, I'd like to claim. This is about the platform of ΣSynX. Up to now, we have had a lot of proprietary digital products in development.
For example, on the left side you can see the examples. For machinery control, we have DIASYS Netmation. We have installed more than 1,000 units. For remote monitoring and maintenance, we have this system called TOMONI. We have installed more than 100 systems. We have cyberattack protection system called Intersept, and also for image monitoring and audio commands, we have Supervision. We have developed all of them, and you can see the functionalities on the right side. By combining those solutions and systems, we can achieve, for example, with intelligent logistics for operation and refrigerated warehouses for optimization and data centers for energy conservation and reliability of the systems. To connect that, we have the platform ΣSynX. Here is the example of intelligent logistics.
We integrate this platform into ATS and the control system, warehouse control systems using ΣSynX system. You can see the picking systems and also loading, unloading drone systems, that they can be optimized. We can automate those processes in the warehouse. From November last year, together with Kirin Beverage in Yokohama Hardtech Hub, we have had joint verification and validation, and we would like to make a success in this validation to commercialize the business. We are aiming to achieve JPY 50 billion per year of the business in the late thirties. Here is the refrigerated warehouses. We are using total engineering and also digital simulation technologies. By combining those, we can propose optimal facility and high efficient and also low power consumption refrigerated warehouses we can propose to the customers. This is a warehouse for Kyoto Frozen and Dried Fish Wholesale Cooperative.
We were able to reduce 1.5 a month of the construction time. As it was a simulation technology which we can accumulate for the next, we can optimize the solutions for the next project, and we can propose to the customers going forward. We would like to address cold chain need within Southeast Asia, and we would like to explore such businesses there. The last one is data centers. More density and also understaffed are the situation of data centers, and they have some challenges as well. Decarbonization, energy conservation are required for generations, and also cooling systems that should be operated. We can offer such technologies to contribute to energy conservation and also monitoring systems and the integrated controls for one-stop operation.
Right now we are having this demonstration, and according to the outcome, we were able to reduce the power drastically for cooling. Going forward, we would like to expand receiving orders. In 2030, our revenue target is JPY 100 billion. Here's the new business opportunities in the changing operating environment. I would like to talk about nuclear power possibilities. This is nuclear power business. Nuclear power is carbon-free and large-scale and stable power source. There is much need. We have the existing plant, and for the implementation of safe and stable operation, we would like to schedule maintenance work for restarted plants. Also we are going to continue the efforts to establish the nuclear fuel cycle. Also we would like to contribute to achieving stable carbon neutral energy supply by accelerating commercialization of advanced light water reactor SRZ-1200.
Because SRZ-1200, Japan's 4 PWR electric utilities are in collaboration with us for joint developing and 80% is completed mostly. For data capture, we are going to utilize national projects for demonstrations and testing. We are aiming for commercialization in the 2030s, mid-2030s. As for Japan's national defense security, government has the Japan's Defense Buildup Program. The government is trying to build a defense capability. MHI is a defense leading company. We have a lot of initiatives to contribute to stable and safe and secure society. The last one is about net zero neutrality. As for Scope 1 and 2, energy conservation is traditionally what we are doing, and we are aiming that with minus 50% in 2030, and we think we can achieve it. To achieve net zero, we have to have different initiatives, different than traditional initiatives.
We are going to establish a model factory in Mihara, carbon neutral factory to achieve this plan. As for Scope 3, we have a lot of development efforts, as I mentioned before. Interim target is 2025, minus 30%, and 2030, minus 50%. For that, our development efforts are in good progress. Net zero initiatives. Nationwide, we have a lot of initiatives in these works. For example, Mihara Machinery Works, Takasago Machinery Works, Hydrogen Port, and also Yokohama Hardtech Hub. We're picking solutions, BOC and Nagasaki, ammonia combustion and hydrogen production development, and MHI Key for the Mihara Machinery Works. Together with partners, we have such projects going on nationwide. Here is the conclusion. At the beginning of this presentation, I talked about the executive summary, and this is how I want to say. We are in line with the plan.
As for the growth strategy, energy transition for carbon neutrality is what we are contributing to and it's expanding. We would like to safely expand this business. Thank you very much.