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Japan is establishing a $19 billion eco fund to raise hydrogen and carbon recycling

Japan is establishing a $19 billion eco fund to raise hydrogen plane and carbon recyc

Japanese Prime Minister Yoshihide Suga proposed a 2 trillion yen ($19.2 billion) fund to finance aggressive green projects over the next decade as part of additional stimulus initiatives in response to COVID-19.

Suga announced the economic package at the close of the Diet session at a press conference. He said that their country needs a source of growth post-coronavirus. Suga promised to boost the economy through green investment and digital innovation. _ NIKKEI 

The Fund will continue to support companies engaged in ambitious innovation in environmental areas for the next 10 years and hydrogen is seen as a new power source of which there is inexhaustible deposits. Suga said that they will create hydrogen airplanes and hydrogen cargo ships._ NIKKEI 

The Government will encourage the production of low-cost storage batteries that will be essential to electric vehicles and solar energy, as well as carbon-recycling technologies to transform generated greenhouse gasses into plastics and fuel, he added. The economic initiatives will be determined by the cabinet next week.

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In order to achieve the target of decreasing greenhouse gas emissions to a net zero by 2050, Suga emphasized that it is aiming for zero CO2 emissions from automobiles and planned to set systems and regulations to maximize the introduction of electric vehicles on the Japanese market. _ NIKKEI 

With respect to the so-called 6G communications technologies, Suga said that the government will take the lead in research and development so that it can lead the world in the emerging technology market. He vowed to devote more than 1 trillion yen to relevant investments, including government digitization. Suga stressed the need for a safe peace of mind for people and laid the foundation for future development._ NIKKEI 

He clarified that by the end of the year, the government would give 50,000 yen to low-income, single-parent families. An extra 30,000 yen would be paid for the second child and for future twins. This will come from the contingency fund, the specifics of which will be determined at the end of the year.