Japan plans to invest 15 trillion yen ($107.5 billion) over next 15 years to supply the country with hydrogen, the government said on June 6, as it speeds up efforts to use the gas to shift to a low carbon economy.
Countries all over the world are competing to develop hydrogen as a means of reducing emissions in some of the most hard-to-abate industries, such as steel production and chemical manufacture, and because of its potential usefulness in cleaning up the energy sector.
Japan, which first published its Basic Hydrogen Strategy in 2017, announced a revised target to push hydrogen supply to 12 million tonnes a year by 2040.
The initial plan called for hydrogen supply in Japan to reach 3 million tonnes every year by 2030 from 2 million tonnes now.
By 2050, Japan aims for around 20 million tonnes when it expects the global hydrogen market to create $2.5 trillion in annual revenue.
Of the 15 trillion yen, the government plans to provide 6-8 trillion yen and for the remainder to come from the private sector, the industry ministry said.
The plan also aims to help Japanese companies to play a main role in providing the electrolyser needed to produce hydrogen from water.
It sets a goal for Japanese-affiliated companies domestically and abroad to have a total of 15 GW of electrolyser capacity by the end of this decade from less than 1 GW now.
