October 4, 2023
On October 3, the Ministry of Economy, Trade and Industry (METI) hosted the Tokyo GX Roundtable to share the current trends of global discussions related to Green Transformation (GX) and the efforts of the Japanese public and private sectors. The Roundtable was hosted during the Tokyo GX Week where experts in GX-related fields from around the world met in Japan. Prime Minister Kishida and Minister of Economy, Trade and Industry Nishimura participated in the event.
The Tokyo GX Roundtable was attended by the following experts from abroad:
- Hoesung LEE, Former Chair of Intergovernmental Panel on Climate Change (IPCC)
- Jon MOORE, CEO of Bloomberg New Energy Finance (BNEF)
- Vibha DHAWAN, Director General of The Energy Research Institute of India (TERI)
- Peter BAKKER, President & CEO of World Business Council for Sustainable Development (WBCSD)
- David ATKIN, CEO of Principles for Responsible Investment (PRI)
The conference was also attended by the following participants from Japanese companies:
- KITANO Yoshihisa, Chairman of The Japan Iron and Steel Federation and Representative Director, President and CEO of JFE Steel Corporation
- KATO Keita, President and Representative Director of SEKISUI CHEMICAL CO., LTD.
- SHIMIZU Hiroshi, President of Nippon Life Insurance Company
Minister Nishimura introduced Japan’s policy efforts such as the strong promotion of decarbonization of power sources through further acceleration of the introduction of renewable energy and the use of nuclear power with the premise of ensuring safety, and the implementation of “pro-growth carbon pricing”' under the GX Promotion Act. Minister Nishimura also shared the effort to promote investment toward the development of innovative technologies in which Japan is a leading player, such as perovskite solar cells, floating offshore wind power, and hydrogen reduction steel manufacturing, through bold investment support of 20 trillion yen provided through the issuance of “GX Economic Transition Bonds,” which will realize investments exceeding 150 trillion yen over the next 10 years and contribute to the achievement of global carbon neutrality.
Foreign experts mentioned that in order to achieve both decarbonization and economic growth, it is necessary to promote transition finance and accelerate technological development around the world. To this end, foreign experts recognized that the efforts of the Japanese government, such as the issuance of the world’s first transition bonds to be issued by a national government, initiatives to support upfront investments, and rulemaking for industrial decarbonization including avoided emissions, are in line with such global trends. Furthermore, foreign experts expressed their hope that Japan would share such efforts with the world as best practices and take leadership in global efforts toward decarbonization.
Japanese companies affirmed their intention to further strengthen their efforts to develop innovative technologies that will be necessary for decarbonization with government support, as well as to contribute to formulating rules to ensure that such efforts are evaluated in the market. Furthermore, they stated that they would accelerate investment in technologies and initiatives that are necessary for decarbonization, including transition, while involving public and private stakeholders.
Prime Minister Kishida advocated the idea of a “New Capitalism” which takes advantage of social issues such as global warming as engines of growth and reaffirmed the government’s pledge to realize economic growth through public and private investment in such areas. To this end, Prime Minister Kishida announced that sector-specific investment strategies shall be formulated within this year and bold investment promotion measures shall be implemented to develop and disseminate technologies and products that are important to achieving carbon neutrality, including the early full-scale introduction of green steel and the market introduction of perovskite solar cells beginning in 2025. Prime Minister Kishida concluded his remarks with the statement that Japan will contribute to the world through these efforts.
Division in Charge
- Environmental Policy Division, Industrial Science and Technology Policy and Environment Bureau
- International Affairs Office, Industrial Science and Technology Policy and Environment Bureau