Japan is planning to increase its yearly supply of hydrogen sixfold by 2040, from the current 12 Mt to 72 Mt, in an attempt to promote the use of renewable energy in the country. To fund this target, the Japanese Government plans to raise JPY15,000bn (US$113bn) in investments, from the public and private sectors, over the next 15 years.
According to the country’s Hydrogen Strategy, Japan also plans to begin the commercialisation of hydrogen power generation by 2030. Japan is aiming to reach net zero greenhouse gas emissions by 2050 and sees hydrogen as a key component in its plan to bring about a green transition.
The country has launched “GX bonds”, a new type of sovereign bond that will be making their debut during the course of 2023, and aim to promote the development of hydrogen and renewable investments. Japan plans to issue bonds worth around JPY20,000bn (US$151bn) starting from the latter half of fiscal year 2023-2024.
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