The Japanese government said on Friday that the country aims to eliminate petrol-powered vehicles in the next 15 years. Japan is planning to reach net-zero carbon emissions and generate around $2 trillion per year with green growth by the year 2050. The "green growth strategy" is an action plan to achieve PM Yoshihide Suga's October pledge to eliminate carbon emissions on a net basis by mid-century.
PM Suga has made green investment a top priority to help bring back the economy hit by the COVID-19 epidemic and to bring Japan into line the European Union, China and other economies setting ambitious emissions targets. A 2 trillion yen green fund will support corporate investment in green technology. The Japan government will offer tax incentives and other financial support to companies, targeting 90 trillion yen ($870 billion) a year in additional economic growth through green investment and sales by 2030 and 190 trillion yen ($1.8 trillion) by 2050.
The plan seeks to replace the sale of petrol-powered vehicles with electric vehicles, by the mid-2030s. It aims to boost hydrogen consumption to 3 million tonnes by 2030 and to about 20 million tonnes by 2050 from 200 tonnes now, in areas such as power generation and transportation. The strategy identifies 14 industries, such as offshore wind and fuel ammonia, target the installation of up to 45 gigawatts (GW) of offshore wind power by 2040.
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