Japan Inc.'s plans to cut emissions fall short of 2030 national target

Welcome! I am Hiroyasu Ichikawa, ichi, and this is issue 89 of the "Japan Climate Curation" newsletter??, which curates Japan-related climate news content every week since spring 2022, with over 2,090 subscribers. You can subscribe by clicking on the Linkedin page or the substack link .

I hope you find the articles below beneficial for reading (or skimming)!

*Consulting Service is available for your Japan-related climate or net-zero business. The first 30 minutes of Zoom chat is free, and I could work at an hourly rate starting at $100. Please fill out your request using this link . Thank you!

[????????Japan Climate News Headlines]

【1】Japan Inc.'s plans to cut emissions fall short of 2030 national target - Companies to reduce greenhouse gases 40%, coming in under government's 46% goal [1/20 Nikkei Asia]

• Japanese firms' plans to reduce greenhouse gases by 40% by 2030 fall short of the government's 46% target. While sectors like electrical machinery and utilities set ambitious goals, steel and transportation lag. The government's GX League and transition bonds aim to boost decarbonization efforts, but much remains to be done.

【2】Opinion: Japan should lead the way on disclosure of climate risk - Profusion of standards has allowed companies to obscure potential financial impact [1/19 Nikkei Asia]

• Japan has a pivotal chance to guide Asia in climate risk disclosure with the new IFRS guidelines, demanding comprehensive reporting of climate-related financial risks. Many Asian firms currently obscure the true impact on fossil fuel assets and low carbon technology risks, but adopting the IFRS standard can bring needed transparency and accountability.

【3】Japan's new energy plan should state clear nuclear policy -utilities group head [1/19 Reuters]

• Japan's new energy plan should explicitly support new nuclear reactors and replacing old ones to reach 2050 carbon neutrality, says Japan's utilities group head. This marks a shift since the Fukushima disaster, with the first revision since PM Kishida's 2022 policy change.

【4】Daihatsu scandal weighs on Japan's smaller suppliers amid EV shift - Support kicks in, but tight-knit industry structure to blame, expert says

[1/22 Nikkei Asia]

• The safety scandal of Daihatsu, a subsidiary of Toyota, and the industry's shift to EVs create a double challenge for small suppliers in Japan's auto industry, struggling with reduced demand and uncertain futures amid a changing market. A Teikoku Databank survey of 315 auto industry players found that 49% experienced negative impacts from the rise of EVs, an increase from the previous year, while only 14% reported positive effects, and a combined 37% were unaffected or unsure.

【5】Idemitsu plans to turn Yamaguchi refinery into carbon-free energy hub [1/22 Reuters]

• Idemitsu Kosan Co Ltd, Japan's second-largest oil refiner, announced plans to transform its Yamaguchi refinery into a carbon-free energy hub by the 2030s. This shift aligns with global trends towards greener energy and responds to declining petroleum demand due to Japan's aging population.
• The refinery, with a capacity of 120,000 barrels per day, will cease refining operations by March 2024, remaining a site for petroleum product handling. Idemitsu will introduce carbon-free electricity, including solar power, in the late 2020s and later expand into biomass and resource recycling businesses.

【6】As Japan makes major investments in wind power, some residents are pushing back [1/21 The Japan Times]

• Ishikari in Hokkaido is at the center of a controversy over wind power development, with concerns about potential environmental harm to local wildlife, migratory birds, and fisheries. Japan's push to boost renewable energy, including a significant increase in offshore wind power, faces hurdles such as cost increases and local resistance.

【7】FamilyMart in Japan to charge for plastic cutlery [1/19 NHK World Japan]

• Family Mart in Japan initiates a charge for plastic cutlery to reduce waste, beginning January 29 across 100 stores, with a goal to decrease plastic usage by 715 tons nationwide. Comparable measures are adopted by other convenience stores.

【8】Blue Ocean: Plastic debris in the oceans is a critical issue for the world [1/15 Channel JAPAN by Nikkei - YouTube*22 min.???]

• Plastic debris in the oceans is a critical issue for the world. Every year, eight million tons of plastic debris are dumped from the land into the oceans. Its weight is equivalent to 50,000, 160 ton jet planes being thrown away. Introducing the efforts of Japanese companies and local governments to protect the ocean by reducing marine plastic debris.

【9】The climate challenges facing Japan's food culture ーNHK WORLD-JAPAN NEWS [1/18 NHK World .???]

• Rising sea temperatures are threatening Japan's unique food culture. We focus on the cultivation of Nori seaweed.

【10】Event info. Moral Money Summit Japan [Financial Times event on 2/8 in Tokyo]

*I will be there. Please let me know if anyone planning to attend??.

??That's all for this week! Thank you for reading(or skimming) ??. I hope you will have a wonderful week ahead!

*Consulting Service is available for your Japan-related climate or net-zero business. The first 30 minutes of Zoom chat is free, and I could work at an hourly rate starting at $100. Please fill out your request using this link . Thank you!

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ichi (Hiroyasu Ichikawa)