By TAKEHIRO TOMODA/ Staff Writer
April 27, 2022 at 15:51 JST
Masakazu Tokura, chairman of Keidanren (Japan Business Federation), speaks at a news conference in Tokyo on April 26. (Takehiro Tomoda)
The head of Japan’s most powerful business lobby said the government should issue about 2 trillion yen ($15.6 billion) in “green” bonds a year to achieve carbon neutrality by 2050.
“(Moving toward net-zero carbon dioxide emissions) should be a pillar of economic growth strategies and would represent a huge makeover since the Industrial Revolution,” Masakazu Tokura, chairman of Keidanren (Japan Business Federation), said at a news conference in Tokyo on April 26.
Keidanren the same day released a proposal asking the government to become aggressively involved in green efforts to draw investments from the private sector.
The business group estimated that 400 trillion yen in investments would be needed to achieve carbon neutrality by 2050, and that such investments would lead to a nearly doubling of Japan’s gross domestic product to more than 1 quadrillion yen.
Keidanren insisted that the financial sources come through government bonds issued exclusively for environmental efforts.
The proposal also opposed the introduction of a carbon tax imposed on businesses based on their CO2 emissions, saying such a levy would put too much of a burden on them.
“The government should make promises concerning its mid- and long-term financial expenditures” to attract private investments, the proposal said.
Keidanren urged the government to present a road map for technologies needed for practical applications, investment amount and government policies.
In terms of power supplies, Keidanren said renewable energies should be “introduced as much as possible as the main source of power.”
It also asked the government to “reveal a new policy” on nuclear power, including the construction of next-generation small modular reactors.
More European nations have been issuing such government bonds based on a belief that investing in the environment will also be beneficial for future generations.
Tokura has promoted efforts for a carbon-free society since he was appointed chairman of Keidanren last year.
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