Japan to deliver $628bn green energy market
The Japanese government is aiming to establish the country as one of the world's premier green energy markets.
The Japanese government is aiming to establish the country as one of the world's premier green energy markets. According to a draft of the country's growth strategy, clean technologies will be the focus of the government's efforts to revive the economy over the next decade.
The draft reveals the government is aiming to create a $628bn green energy market by 2020 through a combination of renewable energy subsidies and deregulation.
The target is expected to focus almost exclusively on renewable energy sources such as solar, wind and geothermal energy, after last year's Fukushima disaster prompted the government to abandon plans for new nuclear facilities.
The investment and focus on green energy is also likely to lead to further support for the development of low and zero emission vehicles.
With the government also moving forward with plans for a carbon pricing mechanism, the growth strategy would enhance Japan's reputation as one of the world's most attractive markets for green businesses and low carbon infrastructure developers.
The news also comes just weeks after the governmant approved one of the world's most ambitious renewable energy subsidy regimes, which will provide feed-in tariff incentives to renewable energy developers that are far in excess of those currently offered in European markets such as the Germany and the UK.
The government has said the feed-in tariff regime should allow the country to increase its renewable energy capacity by around 13 per cent over the next year, a trend it is now keen to continue over the next decade.
Image 01 - Goko Five Lakes, Japan, Jpatokal
Image 02 - Satellite view of Japan 1999, SeaWiFS Project, NASA/Goddard Space Flight Center, and ORBIMAGE
Image 03 - Green mountain wind farm, Leaflet