• 3 minutes Tesla is the Most American Made Car!
  • 7 minutes Should the US government be on the hook for $15 billion?
  • 9 minutes California breaks 1 GW energy storage milestone
  • 13 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 mins U.S. Presidential Elections Status - Electoral Votes
  • 8 hours China Producing Half of the Worlds Electrical Vehicle Batteries is Experiencing Explosive Pollution
  • 24 hours Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
  • 3 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
VC Firms Are Pouring Billions Of Dollars Into Green Tech

VC Firms Are Pouring Billions Of Dollars Into Green Tech

Green technology is quickly emerging…

Hedge Funds Won Big On OPEC Spat

Hedge Funds Won Big On OPEC Spat

Over the two week period…

Japan To Cut LNG, Coal In Power Sector As It Bets On Renewables

The world's largest importer of liquefied natural gas (LNG) and one of the biggest importers of coal, Japan, aims to significantly raise the share of renewable power in its electricity sector and reduce its reliance on fossil fuels, according to a draft energy policy plan through 2030.

Japan, like many other developed nations, aims to achieve net-zero emissions by 2050, or as Japan's Ministry of Economy, Trade, and Industry (METI) said last month "a carbon neutral society by 2050."

Under the draft new policy, Japan will target to have renewable energy sources make up between 36 percent and 38 percent of the country's power generation by the end of this decade. The previous target was to have renewable energy generate between 22 percent and 24 percent of Japan's electricity mix by 2030.

The new plan hasn't changed the target for nuclear power generation, which was left at 20-22 percent of electricity generation. But the share of coal is now targeted to drop to 19 percent by 2030, from 26 percent now, while the share of LNG is planned to decline to 41 percent from 56 percent.

The world's top LNG importer aiming to reduce the use of the super-chilled fuel for power generation is likely to rattle the market.

According to estimates from Lloyd's List Intelligence, Japan was the single largest importer of LNG in the world in the first half of 2021, holding a 20.49-percent share of all LNG imports globally. To compare, all 27 members of the European Union (EU), plus the UK, combined, accounted for 20.94 percent of global LNG imports.

The fastest-growing market for LNG, China—which is expected to soon surpass Japan as the largest LNG importer—accounted for 18.22 percent of LNG imports in the first half this year, Lloyd's List Intelligence data showed.

Reduced future use of coal and LNG in Japan is set to create disturbances in the Asian markets of those fossil fuels, especially for Australia, which supplies two-thirds of Japan's thermal coal and is Japan's top LNG supplier, too, Reuters columnist Clyde Russell notes

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News