Japan to Propose 2050 Zero-Emission Target for Int'l Shipping

Politics

Tokyo, Oct. 26 (Jiji Press)--Japan will propose to the International Maritime Organization the target of making container ships and other vessels for international shipping emit effectively no greenhouse gas by 2050, 50 years ahead of the current target, the transport ministry said Tuesday.

In its effort to have the envisaged new goal be met, the ministry will support Japanese shipbuilders' development of vessels that release no carbon dioxide into the environment. It also hopes that the move will help the domestic firms better compete with their Chinese and South Korean rivals, which hold leading vessel market shares.

The ministry will introduce the new target jointly with its counterparts in the United States, Britain and other countries at an IMO meeting next month, aiming to strike agreement on it by summer 2023 along with an international treaty to tighten emission rules.

To promote domestic shipbuilders' efforts to make vessels carbon-free, the ministry will provide a total of 32 billion yen in subsidies for the development of ships that use hydrogen and ammonium as fuels over 10 years from the current fiscal year, which started in April.

Kawasaki Heavy Industries Ltd. <7012> and Nippon Yusen K.K. <9101> will be among firms to capitalize on the subsidy program.

[Copyright The Jiji Press, Ltd.]

Jiji Press