DECEMBER 3, 2021
By Paul Homewood
Another wheel fell off the COP26 Bandwagon!
It’s been less than a month since world leaders pledged to fight climate change in COP26 Summit in Glasgow, but Japan has shown signs of slowing its divestment from fossil fuels.
Government officials have been quietly urging traders, refiners and utilities to slow their moves away from fossil fuels, and even encourage new investments in oil projects. gas, according to people in the Japanese government and industry, who asked to remain anonymous the conversation was private.
Officials are concerned about the long-term supply of traditional fuels as the world doubles down on renewables, the people said. The import-dependent country wants to avoid potential fuel shortages this winter, as well as future cold spells, after last year’s deficit raised concerns about power outages across the country. nationwide.
Japan joined Last month, nearly 200 countries pledged to step up the fight against climate change, including phasing out coal power and tackling emissions. However, the moves by officials show the struggle to turn those promises into reality, especially for countries like Japan, which are heavily dependent on imports. almost 90% its energy needs, with prices skyrocketing in part due to the world’s shift away from fossil fuel investments.
Country has was slow makes any specific commitments to phase out coal in the near term, and is often criticized for funding power plants overseas that use the dirtiest fossil fuels. The government has also avoided joining developed nations’ efforts to reduce natural gas consumption.
Japan’s Ministry of Economy, Trade and Industry declined to comment directly on whether the country would encourage industries to increase investment in upstream energy supplies, pointing instead to a plan. Strategic energy was approved by Prime Minister Fumio Kishida’s cabinet on October 22. That plan states that “no Compromise is acceptable to ensure energy security, and a nation’s obligation as a nation.” is to continue to secure the necessary resources”.
That latest strategy calls for the share of oil and natural gas produced domestically or controlled by Japanese businesses abroad to increase from 34.7% in fiscal 2019 to more than 60% in fiscal year 2019. 2040. Japanese officials plan to convey to other countries the importance people added.
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