Hydrogen storage tank at the smelting hydrogen capture plant in Kobe, Japan.
Photographer: Akio Kon / Bloomberg
Photographer: Akio Kon / Bloomberg
Japan ‘s ambitious climate promise could produce $ 1.8 trillion in wind output for the country’ s economy by 2050.
Prime Minister Yoshihide Suga’s target to achieve zero-zero emissions by 2050 will require different industries to change their business models, and could encourage major investments to clean up supply chains and develop innovative technologies, he said. government report Friday. The annual economic impact of these decisions could reach 90 trillion yen in 2030, and 190 trillion yen ($ 1.8 billion) by 2050, the report found.
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However, Japan has a long way to go before it can count on benefiting from going green. While Japan’s carbon emissions have been declining move, they need to fall faster to achieve the goal within three decades, according to a BloombergNEF study.
The government’s report also included the country’s green strategy, providing a first look at the broad policies Japan intends to adopt to achieve the 2050 commitment.
One of the overall strategies to reduce emissions is to electrify sectors such as transportation and heating. This could increase Japan’s energy demand by as much as 50% until 2050, when more than half of electricity will be generated by reneweables, the report said.
The report outlined over a dozen overarching targets including:
| Area | Targets |
|---|---|
| Offshore wind | Expand capacity to 45 gigawatts by 2040 |
| Ammonia | Dilute 20% fossil fuels at all thermal power plants by 2030 |
| Hydrogen | Increase total consumption to 20 million tonnes by 2050 |
| Nuclear | Develop new types of reactors |
| Automotive | Ban gasoline-only cars by mid-2030s |
| Semiconductors | Reduce electricity consumption with power semiconductors by 2030 |
| Shipping | Replace fuel with carbon or other carbon-free alternatives by 2050 |
| Logistics | Decarbonize operations at ports |
| Agriculture | Reduce emissions to zero |
| Flights | Choose planes and develop cleaner fuels |
| Carbon recycling | Reduce costs |
| real estate | Get net zero emissions for new projects by 2030 |
| Regional industries | Promote carbon footprint reduction |