Japan aims to eliminate gasoline vehicles by mid-2030s, boost green growth
TOKYO (Reuters) - Japan plans to eliminate gasoline-powered vehicles in the next 15 years, the government said on Friday, to achieve net CO2 emissions of nearly $ 2 trillion a year by 2050.
The "Green Growth Strategy" targeting the hydrogen and auto industries is intended as an action plan to deliver on Prime Minister Yoshihide Suga's October pledge to net zero carbon emissions by mid-century.
Suga has made green investments a top priority to revitalize the economy hit by the COVID-19 pandemic and align Japan with the European Union, China and other economies setting ambitious emissions targets.
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The government will offer tax incentives and other financial assistance to businesses and seek additional economic growth of 90 trillion yen ($ 870 billion) through green investments and sales by 2030 and 190 trillion yen ($ 1.8 trillion) by 2050 .
A 2 trillion yen Green Fund will support business investments in green technology.
The plan is to replace sales of gasoline-powered vehicles with electric vehicles, including hybrid and fuel cell vehicles, by the mid-2030s.
To accelerate the adoption of electric vehicles, the government is aiming to cut the cost of vehicle batteries by more than half to 10,000 yen or less per kilowatt-hour by 2030. The aim is to increase hydrogen consumption to 3 million tons by 2030 and to around 20 million tons by 2050 from the current 200 tons in areas such as power generation and transport.
The strategy calls for 14 industries such as offshore wind power and ammonia fuel to install offshore wind turbines with an output of up to 45 gigawatts (GW) by 2040.
($ 1 = 103,5500 yen)
(Reporting by Kaori Kaneko; Additional reporting by Ritsuko Shimizu, Yuka Obayashi, and Aaron Sheldrick; Editing by William Mallard)
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