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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

Japan climate group calls for renewable energy, carbon pricing

Steam is emitted from an oil refinery in Yokohama
Steam is emitted from an oil refinery in Yokohama, south of Tokyo January 26, 2011. REUTERS/Kim Kyun... Steam is emitted from an oil refinery in Yokohama, south of Tokyo January 26, 2011. REUTERS/Kim Kyung-Hoon
Steam is emitted from an oil refinery in Yokohama
Steam is emitted from an oil refinery in Yokohama, south of Tokyo January 26, 2011. REUTERS/Kim Kyun... Steam is emitted from an oil refinery in Yokohama, south of Tokyo January 26, 2011. REUTERS/Kim Kyung-Hoon

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On Wednesday, Japanese industries and environmental organizations urged the government to accelerate renewable energy and carbon pricing to combat global warming.

The Japan Climate Initiative (JCI), an alliance of corporations, local governments, and NGOs, released the warning ahead of the G7 climate ministers meeting in Sapporo on April 15-16, which Japan will chair.

In a statement backed by 303 organizations, the JCI encouraged the Japanese government to tackle climate and energy crises by increasing renewable energy and implementing highly effective carbon pricing early.

It called for quicker offshore wind power development and mandated solar power production in new buildings to fulfill a G7 target of decarbonizing all or most of the power sector by 2035.

As it imports most of its energy, including oil and LNG, the Asian nation must switch to renewable energy.

By increasing renewable energy in its electricity mix to 36%-38%, twice 2019’s levels, Japan hopes to lower emissions by 46% compared to 2013.

The JCI stated Japan’s G7 partners, including Canada, Germany, the U.K., and Italy, had met their 2030 objectives.

This fiscal year, Japan is phasing in a carbon pricing mechanism that combines emissions trading and a carbon levy to stimulate pollution reduction. The levy will begin in 2028/29.

JCI stated Japan should impose carbon prices early and more effectively to recognize firms’ decarbonization efforts abroad.

The government’s climate inaction has frustrated other climate organizations.

“Japan’s green transformation plan encourages industry rather than decarbonisation,” Climate Integrate executive director Kimiko Hirata told reporters on Tuesday, adding that it does not enhance renewables ambitions.

Japan values energy infrastructure maintenance. Fossil fuel-based energy benefits industry ministry companies.


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