Japan earmarks $107 bn for developing hydrogen energy to cut emissions

Japan’s government on Tuesday adopted a revision to the country’s plans to use more hydrogen as fuel as part of the effort to reduce carbon emissions.

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 (USD 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 centres 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,