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Japan aims to phase out gasoline vehicles in the next 15 years, the government announced Friday on a plan to achieve zero carbon emissions and generate nearly $ 2 trillion a year in green growth by 2050, Reuters reports. .
The “Green Growth Strategy”, which targets the hydrogen and automotive industries, is seen as an action plan to fulfill Prime Minister Yoshihide Suga’s October pledge to eliminate carbon emissions by mid-century.
Suga has made green investments a top priority to help revive the economy from the COVID-19 pandemic and align Japan with the European Union, China and other economies that have set ambitious emissions targets.
The government will provide tax incentives and financial support to businesses, aiming for additional economic growth of 90 billion yen ($ 870 billion) per year through green investments by 2030 and 190 billion yen ($ 1.8 billion) by in 2050.
A $ 19 billion green fund will support companies’ investments in green technology.
The plan aims to remove gasoline vehicles from sale by mid-2030 and replace them with electric vehicles, including hybrids and fuel cells.
To accelerate the spread of electric vehicles, the government aims to cut the cost of vehicle batteries by more than half, to 10,000 yen or less per kilowatt-hour by 2030.
($ 1 = 103.5500 new)
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