Japan

WHAT'S NEXT?: The latest sign of weakness in Japan's economy will likely add to mounting skepticism about the prime minister's expansionary policies. His coalition government has just achieved the supermajority it needs to amend the constitution which many are worried that Japan is about to remove the mask of pacificism and convert its "Self-Defense Force" into the military threat it really is.

[New] 6 of the 9 largest nuclear energy producers (United States, France, Japan, Germany, Canada, UK), although Germany announced in 2011 that it will close all of its nuclear power plants by 2022.
[New] Along with France and Germany, Sweden is emerging as one of the most important manufacturing bases, and is projected to rank fourth behind China, Japan and the United States by 2025.
[New] The EU increased its carbon reduction target for 2030 from 40% to 55%; China committed to net zero by 2060; South Korea and Japan by 2050; Biden has pledged to commit the US to net zero by 2050 when he takes office (with emissions-free power by 2035).
[New] Unlike the United States, where many government and business leaders see every dollar spent on electric cars and renewable energy as a dollar wasted, the Japanese government estimates its plan will generate economic benefits worth about $900 billion in 2030 and $1.8 trillion in 2050.
[New] Japan can take a similar approach and translate its commitment to net zero emissions by 2050 to a more ambitious 2030 emission reduction target.
[New] The Japanese government approved Monday a record defense budget for fiscal 2021 totaling 5.34 trillion yen ($51.6 billion) as it seeks to introduce longer-range missiles capable of attacking enemy vessels from outside their firing range, amid security challenges posed by China.
[New] While Europe and Japan seem headed to new slumps, and the American recovery also being buffeted by high infection numbers, China might end up being the only major economy to show any growth in 2020.
[New] South Korea and Japan have announced their intention to achieve net zero by 2050 and China by 2060.
[New] India will become 5th largest economy in 2025, 3rd largest by 2030 in the world, overtaking UK in 2025, Germany in 2027 and Japan in 2030.
[New] To make matters worse, Australia is one of the global leaders that has not committed to a clear climate change policy; the U.K., U.S., Japan and China have all committed to reducing greenhouse gas emissions by 2050.
[New] Japan and South Korea aim to achieve carbon neutrality by 2050, while China (which emitted nearly six times the emissions of both countries combined, according to the Global Carbon Project), has committed to a 2060 target.
[New] China has targeted the goal of carbon neutrality by 2060, and India has committed to cut its carbon footprint by increasing the share of non-fossil fuel power generation to 40 pc by 2030.
[New] Japan and South Korea have targeted a significant reduction of inefficient coal-fired generation by 2030 and 2034, respectively, and have recently pledged to reach carbon neutrality by 2050.
[New] Countries including Japan, South Korea, and China have promised to reach zero emissions by 2060.
[New] China in September committed to 2060, which would appear to mandate abandonment of plans for more coal fired power when the 14th five year plan comes out next March.
[New] Policy rates in the United States, eurozone, United Kingdom, and Japan will remain near zero well beyond 2021.
The push across Asia to achieve carbon neutrality - Japan and South Korea are aiming for 2050, with China a decade later - is also a catalyst for innovation.
A LEAF manufactured in Japan that uses battery cells made in Japan is exempt from EU tariffs while a LEAF manufactured in the UK that uses battery cells made in Japan will be subject to a 10% tariff in 6 years.
Japan needs to boost renewable energy by reforming outdated policies on land use and the national grid if it is to meet a new goal of carbon neutrality by 2050.
Japan unveiled a plan Friday to achieve its goal of net-zero greenhouse gas emissions by 2050 that calls for tripling renewables' share of power generation to at least 50%.
Japan laid out a green growth strategy on Friday that includes a goal to replace new gasoline-powered vehicles with electric cars by the mid-2030s to reach net zero carbon emissions and generate nearly $2 trillion a year in green growth by 2050.

Last updated: 16 January 2021

Japan

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