The Japanese government is gearing up to unveil a comprehensive national strategy aimed at decarbonization and industrial policy targeting the year 2040.
Officials from the industry ministry revealed that this strategy, expected to be mapped out by the end of March next year, will play a crucial role in accelerating decarbonization efforts and boosting the competitiveness of domestic industries.
The initiative kicked off with discussions starting on Monday during the “Green Transformation (GX) implementation conference,” led by Prime Minister Fumio Kishida.
The primary goal of this strategy is to present a long-term plan that incentivizes investment to expedite decarbonization processes while simultaneously strengthening the industrial landscape.
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Yojiro Hatakeyama, director general of the industrial science, technology, and environment policy bureau at the industry ministry, outlined the timeline for the strategy’s development. It aims to deliver a proposal by the year’s end and finalize the strategy by the end of March. This structured approach is intended to provide clarity and certainty for long-term investments.
Japan, ranked as the world’s fifth-largest carbon dioxide (CO2) emitter, has set ambitious targets to combat climate change. The country aims to reduce emissions by 46% from 2013 levels by 2030 and achieve net zero emissions by 2050.
Last year, the government enacted legislation aimed at promoting decarbonization investments exceeding 150 trillion yen ($962 billion) over a decade, spanning both public and private sectors.
The forthcoming 2040 strategy is expected to build upon the foundation laid by last year’s legislation. It aims to refine existing plans, offering greater predictability for long-term investments.
In addition, the strategy seeks to enhance the competitiveness of domestic companies and foster sustainable economic growth. Hatakeyama emphasized the significance of this strategy in aligning Japan’s industrial landscape with global sustainability goals while ensuring its economic prosperity.
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