How Japan Plans to Make its Economy More Eco-Friendly

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Crypto exchanges and Japan

Japan has the third-largest economy in the world and this fact underlines the strength of its economy. Several weeks ago, on December 25 the trade ministry released a roadmap to steer the local economy from fossil fuels, and foster growth in green energy industries. This way it will be easier to fulfil Prime Minister Yoshihide Suga’s pledge to wipe out net carbon emissions by 2050.

It is worth noting that, the report advocates for strong government spending to subsidize as well as incentivize emissions reduction, and innovation in many industries. The report designates 14 industries in which significant growth and investment are crucial to achieving decarbonization.

The industries include offshore wind, nuclear energy, shipping, airlines, logistics, energy recycling, housing, etc. For example, the government plans to raise offshore wind energy output to 45 million kilowatt-hours by 2040. Moreover, the country’s government wants to decarbonize the agricultural sector among other objectives.

The country’s economy in 2050

Importantly, while the plan is tentative, the government is willing to take steps where it could as soon as possible. As a reminder, the plan is only a projection and its implementation will depend on the country’s energy portfolio.

It is worth noting that, it won’t be easy to modernize the world’s third-largest economy. At the moment, Japan is the world’s fifth-largest emitter of carbon dioxide. Based on the information provided by the trade ministry, the government aims to reduce the more than 1 billion tons of greenhouse gases the country emitted in 2018, to 930 million in 2030 and net zero in 2050.

Interestingly, the government aims to ban the sale of new gasoline automobiles in the first half of the 2030s. Optimistically, the government is willing to take measures to achieve net-zero carbon dioxide emissions by 2050. It will difficult to reach this goal. Nonetheless, Countries around the world should work together to protect the environment.

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