While Japan's revised emissions targets reflect progress in its green energy ambitions, concerns remain about meeting global climate goals
Japan’s government revised its climate policy on February 18, introducing new targets to cut the country’s greenhouse gas emissions with more ambitious targets through 2040. Japan’s revised climate target aims for a 60% reduction in greenhouse gas emissions by 2035 (compared to 2013 levels) and 73% by 2040, extending its 2030 goal of a 46% cut, reported Reuters.
The measures are part of Japan's strategy to meet the revised targets. They aim to support long-term policy stability for businesses, promote decarbonisation, ensure a stable energy supply and strengthen industrial capacity.
Prime Minister Shigeru Ishiba’s cabinet has approved the new strategy and submitted it to the United Nations, Japan’s environment ministry told Bloomberg. The world’s fifth-biggest carbon dioxide polluter has an existing target to reduce emissions by 46% by 2030.
While Japan has updated its targets, there is still global concern over the pace of climate action.
Despite Japan's efforts to curb emissions, there is concern over the country’s continued investment in fossil fuel infrastructure, which undermines its climate commitments. Despite its commitment to reducing emissions, the Japan Bank for International Cooperation (JBIC) has provided $18.6 billion for liquefied natural gas (LNG) production since 2016, which is more than four times Japan’s $4.2 billion contribution to the Green Climate Fund, reported Mongabay.
According to the Mongabay report, Japan, the world's largest importer of LNG, has seen a 25% drop in demand since 2014. An additional 25% decrease expected by 2030. This decline is attributed to the country's shift toward nuclear and renewable energy sources, along with a declining population.
Despite this, JBIC continues to finance LNG projects, which is causing widespread problems, according to the report that features case studies from nine affected countries.
The Japan’s financing of natural gas projects worldwide, via its international development lender, has resulted in environmental degradation and human rights violations, reported Mongabay.
Japan, like many other nations, faces challenges in meeting its climate commitments in line with the Paris Agreement.
A UNFCCC study last year showed that the combined Nationally Determined Contributions (NDCs) would only reduce temperatures by 2.6 degrees by 2030. Countries were scheduled to submit their updated pledges by February 10, but only 12 countries have met this deadline.