Japan ‘does not have the luxury’ to give up hydrogen: SMBC sustainability head

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Japan ‘does not have the luxury’ to give up hydrogen: SMBC sustainability head - Eco-Business

Quick Summary:

While several projects have been suspended in the past year, the Japanese megabank still expects growing domestic demand for the gas, due to the need to clean up the power, mobility, chemical and steel sectors.

Under Japan’s latest strategic energy plan, hydrogen and ammonia are key to decarbonising its fossil-based thermal power segment, which is projected to supply over a third of the nation’s electricity needs by 2040.

For instance, the Japanese government kicked off its hydrogen subsidies scheme last year, which will see up to JPY 3 trillion (US$20 billion) deployed to close the price gap between low-carbon hydrogen and fossil fuels over the next 15 years.