Japan Plans to Support Steel Sector to Cut Emission

Nikkei reported that Japanese government plans to support heavy industry to raise capital for investments that cut carbon emissions, an area that has
Japan Plans to Support Steel Sector to Cut Emission
Steel Sector EmissionNikkei

Nikkei reported that Japanese government plans to support heavy industry to raise capital for investments that cut carbon emissions, an area that has struggled to attract funding compared with big renewable energy projects and the government will set guidelines to allow the sale of bonds and other financial products for climate transition projects, with an eye toward areas such as steel, chemicals, electricity and maritime shipping.

Japanese government hopes that this will attract cash from environmentally conscious investors who tend to steer clear of smokestack industries. Though so called green bonds have gained traction as a way to raise money for environmental projects, just 0.5% of these bonds worldwide have been issued by the industrial sector.

One priority for funding is industries that cannot jump to zero emissions in the near future. The International Capital Market Association issued guidance on climate transition finance last month with these sectors in mind. Japan will use this report as the core of its guidelines.

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