Economy & Tech

Japan Aims to Boost Hydrogen Supply Sixfold by 2040

Plans are to harness 15 trillion yen in public and private investments and capitalize on international cooperation to drive hydrogen supply chain development.

Published

1 year ago

April 11, 2023

Takehiko Nagata

Prime Minister Fumio Kishida speaks at a ministerial meeting on promoting renewable energies on the morning of April 4, 2023, at the Prime Minister's Office (© Sankei by Yasuhiro Yajima).

Read the full story on Japan 2 Earth - Japan Aims to Boost Hydrogen Supply Sixfold by 2040

On April 4, the government announced its intention to revise the Basic Hydrogen Strategy. The revision is scheduled to take place by the end of May and is a part of government efforts to expand the adoption of renewable energies.

According to the draft of the revised strategy, the target for the supply of hydrogen in 2040 will be increased from the current 2 million tons to 12 million tons, a six-fold increase.

The plan is to funnel a combined ¥15 trillion JPY (roughly $113 billion USD) of government and private sector investments over the next 15 years to drive the adoption of hydrogen energy.

Ambitious Plan for Hydrogen

On the morning of April 4, Prime Minister Fumio Kishida announced the planned revision at a meeting focused on the expansion of renewable energy. He emphasized the plan to encourage private investment and accelerate support for establishing supply chains in cooperation with Australia and countries in the Middle East, as well as other nations in Asia.

*Toshiba's lightweight and bendable perovskite solar cells (Photo courtesy of Toshiba).*

At the meeting, Kishida also addressed the practical application of perovskite solar cells, a next-generation solar cell technology that originated in Japan. The government aims to get the technology in place ahead of the 2030 target year.

"Accelerating private sector investment is essential to promoting decarbonization," Kishida commented.

Plans are also underway to boost utilization of the new green transition bond, dubbed the "GX Bond." The 20-trillion-yen scale government bond scheme is aimed at promoting a green economic transformation.

Continue reading the full story on Japan 2 Earth.

And find more great articles on the environment and the challenges of achieving the SDGs on our new website Japan 2 Earth (J2E), sparking a transition to the future.

(Read the article in Japanese.)

Author: Takehiko Nagata