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Climate Change

$5.6bn green fund to buy LNG-powered vessels for Japan's shippers

Anchor Ship joins private-sector push to help reach net-zero emissions by 2050

Kawasaki Heavy Industries' LNG bunkering ship Kaguya: A Japanese fund will support the use of liquefied natural gas to cut greenhouse gas emissions in marine shipping. (Photo courtesy of Kawasaki Heavy Industries)

TOKYO -- With an eye on Japan's goal of net-zero greenhouse gas emissions by 2050, Tokyo-based Anchor Ship Partners will launch a roughly 600 billion yen ($5.65 billion) vehicle as early as this month to aid decarbonization efforts in the shipping sector.

The fund will purchase fuel-efficient new LNG carriers to lease to such logistics providers as Nippon Yusen, Mitsui O.S.K. Lines and Kawasaki Kisen. By helping to bring more liquefied natural gas to Japan, Anchor Ship hopes to encourage power plants and other facilities to switch from more carbon-intensive alternatives like coal and petroleum.

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