Japan to invest $1.2 trillion in decarbonization over 10 years, says industry ministry


Japan’s new Minister of Economy, Trade and Industry Koichi Hagiuda, wearing a protective mask amid the coronavirus disease (COVID-19) outbreak, speaks at a press conference in Tokyo, Japan, October 5, 2021. REUTERS / Kim Kyung-Hoon

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TOKYO, May 13 (Reuters) – Japan’s public and private sectors will need to invest a total of 150 trillion yen ($1.2 trillion) in decarbonization over the next 10 years to help achieve the country’s ambitious goal to become carbon neutral by 2050, according to the industry ministry announced on Friday.

The estimate was unveiled as part of an interim report on the country’s clean energy strategy expected to be finalized later this year.

“A great competition has already started in which the first movers have an advantage in the field of decarbonization,” Koichi Hagiuda, Japan’s Minister of Economy, Trade and Industry, told a panel of experts who took part in the decarbonization. discussed strategy.

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It is essential that the government provide support measures not only for research and development but also in various other areas on an unprecedented scale, allowing the private sector to make investment decisions with foresight, he said. declared.

In April, the ministry said an investment of 17 trillion yen would be needed in decarbonization for the year 2030 alone, when Japan aims to cut its emissions by 46% from 2013 levels.

Decarbonization includes renewable energy, cleaner fuels such as hydrogen and ammonia, rechargeable batteries, energy efficient buildings and electric vehicles.

To attract private sector investment, the government plans to provide support through subsidies, regulations and funding, among other measures, especially for new technologies that reduce carbon dioxide emissions and create global supply chains for next-generation fuels.

($1 = 128.7600 yen)

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Reporting by Ritsuko Shimizu and Yuka Obayashi; Editing by Kirsten Donovan

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