Posted on 07 Jun 2023
Japan’s Prime Minister Fumio Kishida announced that the country may invest JPY 20 trillion ($143 billion) to boost hydrogen development, Kallanish reports.
Speaking at a hydrogen industry event with industrial leaders last week, Kishida said Japan is “strongly promoting a green transformation policy.” The upfront investment from the government is an “inducement to further public and private investment at the size of over 150 trillion yen over the next ten years.”
The Prime Minister also announced revisions to Japan’s basic hydrogen strategy. In a bid to set “high goals,” the government has set a target to increase the annual supply of hydrogen to 12 million tonnes by 2040. At the same time, it also plans to “enhance certainty for the private companies to determine long-term investment” and promote the large-scale supply and demand of hydrogen.
The Cabinet approved on Tuesday an annual energy report acknowledging that economic sanctions on Russia have heightened the competition for LNG, which may prolong ongoing shortages until 2025. Hydrogen can help the country to decarbonise, meet its energy needs and drive economic growth. The government says it will accelerate its investment to realise large-scale hydrogen supply chains across the Asia-Pacific region.
Japan’s latest hydrogen commitments come on the heels of its green transformation policy announced early this year. The policy lays out a roadmap of investments over the next 10 years to help the country achieve carbon neutrality by 2050.
Source:Kallanish
