Japan plans to set fiscal 2040 energy mix targets by March 2025

Welcome! I am Hiroyasu Ichikawa, ichi, and this is issue 101 of the "Japan Climate Curation" newsletter??, which curates Japan-related climate news content every week since spring 2022, with over 2,250 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)!

*note: "Climate Curation" newsletter in ????Japanese (every Saturday) is available on Linkedin/note/theLetter. It curates Japan and global climate-tech trends. I hope you may like it.

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

【1】Sapporo sees earliest 25 C day of any year since records began [4/15 AFP / Japan Today]

• Sapporo, Japan, recorded its earliest 25°C day on Monday since 1877. Climate change and high-pressure systems are possible contributors. Globally, rising temperatures and early cherry blossoms in Japan are attributed to climate change, with each month breaking heat records.

【2】Japan's greenhouse gas emissions fell to record low in fiscal 2022 [4/12 NHK World]

• Japan's greenhouse gas emissions reached a record low in fiscal 2022, falling 2.5% from the previous year. The government targets a 46% reduction by 2030 compared to fiscal 2013 levels. The Environment Ministry plans to promote renewable energy and lifestyle changes to achieve net zero emissions by 2050. * chart below from Bloomberg

【3】Japan to set fiscal 2040 energy mix goal to spur investments [4/16 Nikkei Asia]

• Japan plans to set fiscal 2040 energy mix targets by March 2025 to spur business investment in renewables. Despite the goal of net-zero emissions by 2050, uncertainties in the energy sector have discouraged companies from investing heavily. Japan aims to reduce emissions by 66% by fiscal 2035. In terms of new renewable technologies, Japan eyes advancements in thin, bendable perovskite solar cells and floating offshore wind platforms.

【4】Biden, Kishida Eye Wind Power as Japan Worries About LNG Supply [4/11 Bloomberg]

• Biden and Kishida vow to speed clean energy transition and harness wind power. US backs Japan's energy security amid LNG concerns. Japan joins US floating offshore wind push, eyes 30-45 GW by 2040 despite challenges.

【5】Report “Offshore Wind in Japan: Policy Agenda and Prospects” [4/11 Climate Integrate]

• The report highlights the importance of offshore wind power for decarbonization in Japan, summarizing its current status, policies, and challenges. While Japan has significant potential, it lags behind other nations. The report provides policy proposals to further expand offshore wind in Japan.

【6】Japan’s Top Power Producer Jera Considers IPO to Fund Green Push [4/15 Bloomberg]

• Jera Co., Japan's largest utility, is exploring an IPO to finance a massive rollout of renewables. The company plans to develop 20 GW of renewable capacity by 2035 and has established a green unit in London. Jera recently acquired stakes in wind farm businesses in Europe and Japan.

*Japan's JERA creates global renewables-focused unit in Britain [4/15 Reuters]

• JERA, Japan's top power company, has launched JERA Nex, a global renewable energy unit based in London. With a 3 GW portfolio, it targets 20 GW of renewables by 2035 via acquisitions, partnerships, and solo projects. Floating offshore wind in Britain and Japan is a long-term ambition.

【7】Japan Needs New Nuclear to Hit Green Goals, Power Sector Says [4/9 Bloomberg]

• Japan's main electricity utilities say new nuclear power plants are needed to meet the country's 2050 net zero goal and replace retiring reactors. Increased demand from data centers and IT facilities necessitates new reactors, but the government has yet to set policies encouraging their construction.

【8】Australian startup's plant to turn CO2 into cement materials [4/13 Nikkei Asia]

• MCi Carbon, an Australian startup, is constructing a plant in Newcastle to capture CO2 and use it in cement production. The facility will test the technology and help commercialize it by 2026, with support from Japanese investors and the Australian government, contributing to decarbonization efforts.

【9】Climate investors target Japan's top banks, this time on board oversight, sources say [4/15 Reuters]

• Climate groups have filed shareholder proposals with Japan's top banks, urging stricter board oversight of climate risks and disclosure of director competency evaluation. They also want banks to reveal how they assess fossil fuel clients' climate transition plans.

【10】NHK exclusive: Inside Fukushima Daiichi, 13 years later [4/10 NHK World]

• 13 years post-Fukushima, NHK's reporter toured the plant, revealing lingering challenges. TEPCO must remove fuel units and debris, while managing radioactive waste storage. Treated water containing tritium will be diluted and released into the sea, as the area works towards recovery.

??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!

"Climate Curation" newsletter in ????Japanese (every Saturday) is available on Linkedin/note/theLetter.

• Please feel free to contact me via?email: hiroyasu.ichikawa [@]socialcompany.org, if there are any research/consulting needs for your business or just for a coffee chat?.
• My personal Twitter(X) account (in ????Japanese) @SocialCompany

ichi (Hiroyasu Ichikawa)