Japan aims to eliminate gasoline vehicles in about 15 years, the government said on Friday in a plan to fulfill Prime Minister Yoshihide Suga’s ambitious commitment to give up carbon by 2050 and generate nearly $ 2 trillion in growth. in green business and investment.
The “Green Growth Strategy” urges utilities to strengthen renewable energy sources and hydrogen, while calling on the car industry to give up carbon emissions by the mid-2030s.
A United Nations study released earlier this month found that rich nations’ climate commitments do not go beyond what is needed to prevent an ecological crisis and that the world’s richest 1% needed to reduce emissions by 97% to prevent the worst effects of climate change. New research also suggests that sea levels are likely to rise higher and faster than previously predicted. Japan, a nation that is a series of islands, is particularly vulnerable to challenges that raise sea levels would bring.
Suga, in an October policy speech, pledged to achieve net carbon emissions in 30 years. As the world faces an environmental challenge, green investment is an opportunity for growth, not a burden, he said.
The strategy, which provides a roadmap for achieving targets in various sectors, called for a 30-50% increase in electricity demand and called for pressure to triple renewable energy sources in the country’s energy mix to around 50-50. 60% of the current level, while also maximizing the use of nuclear energy as a stable and clean energy source.
But it was unclear whether Suga had the political power to overcome the interests gained in weaning Japan poor in resources from dependence on imported oil and gas.
The strategy identified 14 such industries offshore wind, hydrogen and ammonia fuel, as well as motor vehicles and rechargeable batteries and roadmap for each sector. The strategy shows a target for the installation of offshore wind energy of up to 45 gigawatts by 2040.
As part of the strategy, the government will also provide tax incentives and other support to encourage investment in green technology. Suga projected an annual increase of 90 trillion yen ($ 870 billion) by 2030 and 190 trillion yen ($ 1.8 trillion) by 2050 according to plan.
The government will provide tax incentives and other financial support to companies, such as a 2 trillion yen ($ 19 billion) green fund.