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Japan Plans to Invest 113 Billion Dollars for Hydrogen Supply by 2040
25 May 2023The Japanese government aims to invest 15 trillion yen (about $113 billion) in hydrogen supply by 2040 to promote the decarbonization of energy sources in the country.
The Japanese government met in the capital Tokyo to revise the "Basic Hydrogen Strategy" that the country put forward in 2017.
According to the new strategy draft proposed at the meeting, it is aimed to increase the hydrogen supply from 2 million tons to 12 million tons by 2040. In this context, the government plans to invest 113 billion dollars in hydrogen supply.
Speaking at the meeting, Prime Minister Fumio Kishida stated that they will finalize the revision of the strategy by the end of next month and that they will accelerate their efforts to decarbonize energy resources in the country.
Kşida noted that they want to accelerate the construction of the international supply chain by collaborating with Australia, the Middle East and Asian countries to supply more hydrogen.
Electricity production in Japan is based on fossil resources
The share of fossil fuels, especially natural gas and coal, in Japan's electricity production exceeds 70 percent.
Within the framework of the 6th National Strategic Energy Plan announced in the country in 2021, it is envisaged to increase the share of nuclear and renewable energy in electricity production in 2030 and to reduce the share of fossil resources.
In this context, increasing the share of nuclear in electricity production to 22 percent and the share of renewable energy to 38 percent in 2030; It is aimed to reduce the share of LNG (liquefied natural gas) to 20 percent, the share of coal to 19 percent and the share of oil to 2 percent.
In renewable energy, the share of solar is planned to be 15 percent, the share of hydroelectricity 11 percent, the share of wind 5 percent, the share of biomass waste 5 percent, and the share of geothermal energy 1 percent.
The country is also increasing efforts to restart idle nuclear reactors, driven by rising energy prices. In February, the Japanese government decided to extend the life of existing reactors to 60 years and beyond and to build new reactors.
Japan was the country that imported the most LNG in the world, importing approximately 72 million tons of LNG in 2022.
Source: Anadolu Agency
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