Japan aims to eliminate gasoline-powered vehicles in about 15 years, the government said Friday in a plan to meet Prime Minister Yoshihide Suga’s ambitious commitment to abandon carbon by 2050 and generate near-term growth. of two trillion dollars in green investments and businesses.
The “green growth strategy” urges utility companies to bolster renewable energy and hydrogen while calling on the automotive industries to remain carbon-free by the mid-2030s.
A United Nations study published earlier this month found that the climate promises of rich nations were far below what was needed to prevent an ecological crisis and that the world’s richest 1% need to reduce their emissions by 97% to avoid the worst effects of climate change. New research also suggests this sea level is likely to rise more and more rapidly of what had been predicted above. Japan, a nation that forms a number of islands, is particularly vulnerable to the challenges that raise sea levels portaria.
Suga, in an October policy speech, pledged to achieve net carbon emissions in 30 years. Because the world faces an environmental challenge, green investment is an opportunity for growth, not a burden, he said.
The strategy, which provides a roadmap to achieve the goals in different sectors, provided for an increase of 30-50% in electricity demand and called for boosting the triple of renewable energy in the country’s energy mix to 50-60 % with respect to his current level, at the same time that maximize the use of the nuclear power like source of stable and clean energy.
But it was unclear whether Suga has the political strength to overcome the interests created by shattering Japan with few resources from its dependence on imported oil and gas.
The strategy identified 14 industries, such as offshore wind, hydrogen and ammonia fuel, as well as cars and rechargeable batteries and roadmap for each sector. The strategy shows an installation target for marine wind power of up to 45 gigawatts by 2040.
According to the strategy, the government will also provide tax incentives and other supports to encourage investment in green technology. Suga projected annual growth of 90 trillion yen ($ 870 million) by 2030 and 190 trillion yen ($ 1.8 trillion) by 2050 according to the plan.
The government will offer tax incentives and other financial assistance to businesses, such as a 2 trillion yen ($ 19 billion) green fund.