Japan aims to eliminate gasoline vehicles by mid-2030s, boost green growth
- 25 December 2020
Japan aims to eliminate gasoline-powered vehicles in the next 15 years, the government said on Friday in a plan to reach net zero carbon emissions and generate nearly $2 trillion a year in green growth by 2050, APA reports citing Reuters.
The “green growth strategy,” targeting the hydrogen and auto industries, is meant as an action plan to achieve Prime Minister Yoshihide Suga’s October pledge to eliminate carbon emissions on a net basis by mid-century.
Suga has made green investment a top priority to help revive the economy hit by the COVID-19 pandemic and to bring Japan into line the European Union, China and other economies setting ambitious emissions targets.
The government will offer tax incentives and other financial support to companies, targeting 90 trillion yen ($870 billion) a year in additional economic growth through green investment and sales by 2030 and 190 trillion yen ($1.8 trillion) by 2050.
A 2 trillion yen green fund will support corporate investment in green technology.
The plan seeks to replace the sale of gasoline-powered vehicles with electric vehicles, including hybrid and fuel-cell vehicles, by the mid-2030s.