Japan Renewable Energy Policy Handbook, 2024 Update
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Japan began focusing on the rapid development of renewable energy to fill the void created after the Fukushima disaster. The country is planning to restart its nuclear power plants to meet its 2030 climate targets and to ensure supply security in the long term. In 2012, the government implemented a Feed in Tariff (FiT) system, under the Act on Special Measures Concerning the Procurement of Renewable Energy by Operators of Electric Utilities. As per this FiT system, power utilities must purchase electricity from renewable energy sources such as solar, wind, small hydro, geothermal, and biomass, generated by certified facilities at a fixed price for a period of 20 years.
The Japan Renewable Energy Policy Handbook offers comprehensive information on major policies governing the renewable energy market in most of Japan. The report also discusses renewable energy targets and plans along with the present policy framework, giving a fair idea of the overall growth potential of the renewable energy industry. Moreover, the report provides major technology-specific policies and incentives provided in the region.
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The Russian invasion of Ukraine led to increased energy prices in Japan. Henceforth, the government felt the need to introduce a policy to ensure a stable energy supply while still focusing on its goal of achieving a decarbonized society. In February 2023, the Japanese government launched the basic energy plan until 2030. It significantly changes the country’s previous nuclear policy and intends to restart suspended nuclear power plants.
The country submitted its updated Nationally Determined Contribution (NDC) in October 2021 pledging to reduce greenhouse gas (GHG) emissions significantly by 2030 compared to 2013. Also, the Japanese government released the Sixth Strategic Energy Plan which increased the country’s renewable power generation target prominently by 2030.
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Japan Renewable Energy Policy Outlook
On 10th February 2023, Japan’s Cabinet approved the Basic Plan for the “GX: Green Transformation Policy” known as Basic Energy Plan until 2030 designed to help the country achieve its climate targets.
The plan is a ten-year roadmap focused on Japan’s decarbonization goals. It highlights carbon pricing instruments that will help the country achieve its NDC targets and eventually reach climate neutrality by 2030. A Green Transformation (GX) League is introduced under the plan, which is a voluntary baseline and credit system, the plan also is set to introduce a more traditional emissions trading system (ETS) and a carbon levy in the coming years.
Additionally, Japan currently is in its third phase of hydrogen development. One of the key aspects that the Japanese hydrogen industry is working towards is reducing the cost of hydrogen supply through two key methods. One approach is combining low-cost unused energy from overseas with Carbon Capture and Storage (CCS). The other way is through procuring large amounts of hydrogen from low-cost renewable energy overseas.
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Scope
- The report covers policy measures and incentives used by Japan to promote renewable energy.
- The report details promotional measures in Japan both for the overall renewable energy industry and for specific renewable energy technologies that have potential in the country.
Reasons to Buy
The report will enhance your decision-making capability in a more rapid and time-sensitive manner. It will allow you to:
- Develop business strategies with the help of specific insights about policy decisions being taken for different renewable energy sources.
- Identify opportunities and challenges in exploiting various renewable technologies.
- Compare the level of support provided to different renewable energy technologies in the country.
- Be ahead of the competition by keeping yourself abreast of all the latest policy changes.
Table of Contents
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Frequently asked questions
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Why did Japan approve the Basic Energy Plan?
Japan’s Cabinet approved the Basic Plan for the “GX: Green Transformation Policy” known as the Basic Energy Plan until 2030 designed to help the country achieve its climate targets.
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What are the methods through which Japan is reducing the cost of hydrogen supply?
Japanese hydrogen industry is reducing the cost of hydrogen supply through two key methods such as combining low-cost unused energy from overseas with Carbon Capture and Storage (CCS). The other way is through procuring large amounts of hydrogen from low-cost renewable energy overseas.
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What did the Japanese government do to increase the renewable power generation target?
The Japanese government released the Sixth Strategic Energy Plan which increased the country’s renewable power generation target prominently by 2030.
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