- POLITICS & GOVERNMENT
Govt Aims to Increase Hydrogen Supply Sixfold
11:00 JST, June 7, 2023
TOKYO (Jiji Press) — The government on Tuesday revised its basic hydrogen strategy to newly include a goal to expand the country’s hydrogen supply by sixfold from current levels to around 12 million tons a year in 2040.
Drawn up in 2017, the basic hydrogen strategy was revised for the first time. Based on the revised strategy, the government will aim for public-private investments of around ¥15 trillion over the next 15 years.
Taking advantage of technologies where Japan has a competitive edge over others, such as fuel cell and hydrogen production, the government is hoping to simultaneously achieve a carbon-neutral society, a stable supply of energy and economic growth.
“In efforts to capture the global market, the government needs to take concerted action so as not to lag behind in terms of scale and speed,” Chief Cabinet Secretary Hirokazu Matsuno told Tuesday’s meeting of related Cabinet ministers where the revised basic hydrogen strategy was adopted.
As hydrogen does not produce carbon dioxide when burned, it is touted as one of next-generation energy sources for a decarbonized society.
The government plans to expand the use of hydrogen in power generation and other fields and boost hydrogen supply drastically from the current yearly supply of 2 million tons.
In order to achieve this goal, the government will introduce financial aid to help create a large-scale supply chain involving hydrogen carriers and industrial complexes.
As production of hydrogen is expensive when compared with other existing fuel, the government will offer subsidies to cover the extra costs and bring down hydrogen prices.
Under the revised strategy, the government will also aim to have Japanese companies secure a 10% share in the global market of water electrolysis equipment in 2030.
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