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Cabinet Decision on the Basic Policy for the Realization of GX

February 10, 2023

Since Russia's aggression against Ukraine last February, securing a stable supply of energy has become a major issue around the world. In order to simultaneously achieve the three goals of decarbonization, a stable energy supply, and economic growth through GX (green transformation), the Basic Policy for the Realization of GX was compiled at the end of last year based on discussions by the GX Implementation Council and committees from various ministries.

Today, a Cabinet decision was made on the Basic Policy after conducting a public call and other processes.

1. Background

The GX Implementation Council, chaired by Prime Minister Kishida, was held on July 27 last year, and the basic policy was compiled at the end of last year. After a call for public comments and other processes, the Cabinet decision was made today.

2. Overview

Following the Russian Federation's aggression against Ukraine, we will promote primarily the following two initiatives in addition to responses to the issue of climate change in order to simultaneously ensure stable supply of energy—the foundation of people's livelihoods and economic activities—and achieve economic growth.

  1. In order to ensure stable supply of energy, in addition to thorough energy efficiency improvement, we will promote decarbonization initiatives toward GX, such as switching to decarbonized power sources that contribute to improving the self-sufficiency rates of energy, like renewable energy and nuclear power.
  2. To achieve GX, we will realize and implement the Pro-Growth Carbon Pricing Concept, which includes bold advance investment support using GX Economy Transition Bonds, incentives for GX investment through carbon pricing, and utilization of new financial instruments.

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Division in Charge

Environmental Policy Division, Industrial Science and Technology Policy and Environment Bureau

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