Japan intends to eliminate gasoline-powered vehicles in about 15 years, the government said on Friday in a plan to fulfill Prime Minister Yoshihide Suga’s ambitious promise to become carbon-free by 2050 and generate growth of almost $ 2 trillion in investments and green businesses.
The “green growth strategy” encourages public services to boost renewable energies and hydrogen, while calling for the automotive industries to become carbon-free by the mid-2030s.
A United Nations study released earlier this month determined that wealthy nations’ climate promises were short of what is needed to prevent an ecological crisis, and that the richest 1% in the world needed to cut its emissions by 97% in order to avoid the worst effects of climate change. New research also suggests that sea levels tend to rise higher and faster than previously anticipated. Japan, a nation that is a series of islands, is particularly vulnerable to defies rising sea levels would bring.
Suga, in a political speech in October, promised to achieve net zero carbon emissions in 30 years. While 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 goals in different sectors, projects a 30-50% increase in electricity demand and calls for a boost to triple renewable energy in the country’s energy matrix to around 50-60% current level, while maximizing the use of nuclear energy as a clean and stable energy source.
But it is unclear whether Suga has the political weight to overcome vested interests in removing Japan, resource-poor, from its dependence on imported oil and gas.
The strategy identified 14 sectors, such as sea wind, hydrogen and ammonia fuel, as well as automobiles and rechargeable batteries and road map for each sector. The strategy shows an offshore wind installation target of up to 45 gigawatts by 2040.
According to the strategy, the government will also provide tax incentives and other support to stimulate investment in green technology. Suga projected annual growth of 90 trillion yen ($ 870 billion) through 2030 and 190 trillion yen ($ 1.8 trillion) by 2050 according to the plan.
The government will offer tax incentives and other financial support to companies, such as a 2 trillion yen ($ 19 billion) green fund.