Japan to set fiscal 2040 energy mix goal to spur investments

Long-term targets to help companies make big spending plans

Despite Japan's goal to achieve net-zero emissions by 2050, uncertainties in the energy sector have discouraged many businesses from investing heavily in renewables. © Reuters

DAISHI CHIBA, Nikkei staff writer

April 16, 2024 02:15 JST

TOKYO -- Japan plans to set fiscal 2040 targets for renewables and other energy sources in the national electricity mix by March next year, outlining long-term goals for decarbonization to spur business investment in related areas.

The targets will be part of Japan's new Strategic Energy Plan, which is updated every three years. The Ministry of Economy, Trade and Industry is considering including a goal to reduce the country's greenhouse gas emissions by 66% in fiscal 2035 from fiscal 2013.