Energy Unplugged by Aurora
EP.153 Japan’s Green Transformation Act: Hitomi Komachi, Partner, Allen & Overy Tokyo
Aug 3, 2023
Hitomi Komachi, a partner at Allen & Overy Tokyo, discusses Japan's Green Transformation Act, focusing on incentivizing technologies like hydrogen and ammonia. A comparison is made between Japan's act and the US' Inflation Reduction Act. The 'Supply Chain Subsidy' for hydrogen and ammonia producers is highlighted, offering valuable insights into the energy transition field.
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Quick takeaways
- Japan's Green Transformation Act aims to promote decarbonization and cost parity with fossil fuels by 2050.
- Allocating funding and establishing carbon pricing are crucial challenges for the Act's success.
Deep dives
Overview of GX Act in Japan
The GX Act in Japan aims to accelerate decarbonization and achieve carbon neutrality by 2050. It involves a 20 trillion yen government funding commitment to unlock 150 trillion yen of investment over the next 10 years, equivalent to $150 billion government funding and $1.1 trillion of investment. The Act incentivizes various sectors and technologies like renewable power, hydrogen, ammonia, CCS, and AI, aiming to promote energy security, competition, and decarbonization. The Act establishes a new entity, the GX promotion executive committee, to collect charges supporting the funding package.
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