Clean technology offers Japan the most economical path to zero emissions
2023/7/28
The analysis contrasts with the transition pathway laid out in Japan, which could extend the life of coal- and gas-fired power generation facilities by co-firing ammonia and hydrogen to capture emissions.
Japan's climate transition policies make it an outlier among the Group of Seven (G7) nations, most of which are shifting to clean energy and away from fossil fuels that produce carbon dioxide and methane emissions that warm the planet. Data compiled by Bloomberg and the Green Financial System Network show that Japan is on the furthest from its current emissions reduction trajectory compared to the efforts needed to achieve carbon reductions by 2030 and net zero emissions by 2050.
Japan spent $1.8 trillion on fossil fuel imports between 2010 and 2022, equivalent to more than 3% of the country's average annual GDP, according to BNEF's "Japan New Energy Outlook" report released on Tuesday.
Analyst David Kang said in the report: "If Japan can shift some of its spending to mature clean technologies such as solar, wind and the promotion of electric vehicles, it will create more domestic economic opportunities while reducing emissions and strengthening energy security."
Resource-poor Japan hosted the G7 summit this year and has repeatedly emphasized the need to achieve energy security and net-zero emissions by 2050. This includes not only renewable energy, but also fossil fuels such as natural gas and technologies that have not yet been deployed on a large scale, including carbon capture, storage and utilization, and the co-firing of ammonia and hydrogen in thermal power plants.
The country believes that developing countries also need diversified approaches to achieve carbon emission reduction targets.
The key to unlocking Japan's renewable energy potential is increasing investment in the national grid, making it easier for wind and solar developers to deliver clean electricity where it is needed most. According to the BNEF report, being able to connect demand centers such as Tokyo and Osaka to renewable energy developments such as the offshore wind project projected near Hokkaido or the solar development in the southern Kyushu region is crucial to maximizing the country's renewable energy potential. important.
According to the transition scenario drawn by BNEF, Japan needs to make grid investment of US$489.3 billion between 2022 and 2050 to fully integrate enough wind, solar and batteries to decarbonize the power generation industry. Current government estimates for interregional transmission network investment could range from $27 billion to $40.5 billion in the medium term.
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