Japan said Tuesday that it will discuss its 10-step process for rolling out a national decarbonization strategy later this year.
The list includes ways to make it easier for businesses to invest in carbon-free power sources such as renewable energy and nuclear power.
The list was included in a draft of the strategy presented at a government meeting by green transformation minister Ken Saito.
Prime Minister Fumio Kishida told the meeting: “Efforts for green transformation will impact national power. We must upgrade our measures constantly and implement them promptly.”
Officials from agencies including the industry and environment ministries said they will seek around ¥1.2 trillion in funding for fiscal 2025 to promote green transformation investments, including ¥255.5 billion for supply networks for next-generation solar cells and offshore wind power generation equipment.
The draft says that a large amount of investment and a long project period are necessary for large-scale development of carbon-free power sources.
It includes a plan to consider a system to make it easier for businesses to recover invested funds, stressing the need to help them deal with income risks.
The draft also says that liquefied natural gas should be used as fuel to reduce coal-fired power generation. It points to the need to secure long-term contracts to ensure stable LNG procurement.
For economic growth through green transformation, the draft lays out plans to expand overseas sales of products that contribute to carbon reductions. It says that a panel of experts will be set up next month to design a planned emissions trading system.