Japan aims to eliminate gasoline-powered vehicles in about 15 years, the government said Friday in a plan to deliver on Prime Minister Yoshihide Suga’s ambitious pledge to go decarbonised by 2050 and drive nearly $ 2 trillion in growth in green business and generate investment.
The “green growth strategy” urges utilities to strengthen renewables and hydrogen and calls on the automotive industry to become decarbonised by the mid-2030s.
A United Nations study published earlier this month found that rich countries’ climate promises fell far short of what is needed to avoid an ecological crisis, and that the world’s richest 1% needed to reduce their emissions by 97% to avert the worst effects of climate change. New research suggests that, too sea levels are likely to rise higher and faster than previously predicted. Japan, a country made up of a series of islands, is particularly vulnerable to the challenges that sea level rise would bring.
Suga pledged in a policy speech in October to achieve net zero carbon emissions within 30 years. Because the world faces an environmental challenge, green investments are an opportunity for growth, not a burden, he said.
The strategy, which provides a roadmap for achieving the targets in different sectors, predicted an increase in electricity demand of 30-50% and called for a tripling of renewable energy sources in the country’s energy mix to about 50-60% over relative to their current level. maximum use of nuclear energy as a stable, clean energy source.
But it was unclear whether Suga has the political weight to overcome vested interests to wean resource-poor Japan from its reliance on imported oil and gas.
The strategy identified 14 industries such as offshore wind, hydrogen and fuel ammonia, as well as cars and rechargeable batteries and a road map for each sector. The strategy shows an installation target for offshore wind energy of up to 45 gigawatts by 2040.
The strategy also requires the government to provide tax incentives and other support to encourage investment in green technology. Suga predicted annual growth of 90 trillion yen ($ 870 billion) by 2030 and 190 trillion yen ($ 1.8 trillion) by 2050 under the plan.
The government will provide companies with tax breaks and other financial support, such as a 2 trillion yen ($ 19 billion) green fund.