The Japanese government announced today its plans to allocate over 2 trillion yen towards a strategy aimed at propelling the nation’s transition towards green energy, with the goal of enhancing carbon removal in the years ahead.
Local media reports suggest that more than 1.2 trillion yen from financial appropriations is expected to be utilized in the upcoming fiscal year starting in April, as Prime Minister Fumio Kishida confirmed during a government meeting today.
He emphasized that the government will undertake the green transformation “acknowledging its significant impact on the country’s economy for decades to come.”
Media outlets revealed that the expenditure plan encompasses the injection of approximately 1.2 trillion yen over five years into supply chain development, including endeavours related to producing green hydrogen and solar panels.
The plan further designates 200 billion yen for nurturing emerging green technology startups over five years and 190 billion yen to support energy-saving efforts by small businesses.
Additionally, there will be a three-year funding initiative of 150 billion yen dedicated to research and development expenditures.
Japan’s proactive approach to fostering green energy and sustainability underscores its commitment to addressing climate change and fostering a more environmentally conscious economy.
This strategic allocation of funds aligns with the global push towards renewable energy and highlights Japan’s intention to be a frontrunner in the transition to a cleaner, greener future.