Japan Earmarks $107 Billion for Developing Hydrogen Energy To Cut Emissions, Stabilize Supplies
The plan sets an ambitious target to increase the annual supply by six times from the current level to 12 million tons by 2040. It also pledges 15 trillion yen ($107 billion) in funding from both private and public sources to build up hydrogen-related supply chains over the next 15 years.
Japan's decarbonization strategy centers on using so-called clean coal, hydrogen and nuclear energy to bridge its transition to renewable energy. Russia's war on Ukraine has deepened concerns over energy security and complicated that effort, but other advanced Western nations are pushing for faster adoption of renewable energy, such as solar, wind and geothermal. So far, Japan is relying on hydrogen mainly produced using fossil fuels.
