Japan to Introduce Carbon Pricing in Stages

Tokyo, Oct. 27 (Jiji Press)--The Japanese government plans to introduce carbon pricing for carbon dioxide emission cuts in stages in order to limit initial costs businesses must bear.

At a meeting of a panel on green transformation, or GX, on Wednesday, the government confirmed the policy of keeping prices low at first and raising them gradually later under the envisioned carbon pricing system.

The government says that Japan needs to make more than 150 trillion yen in public and private investments over the coming 10 years to realize decarbonization.

"A detailed road map for the coming 10 years will be submitted at the next meeting for discussions," Prime Minister Fumio Kishida told Wednesday's meeting of the GX Implementation Council, which he himself leads.

Of the 150 trillion yen, about 20 trillion yen will be financed with GX economy transition bonds the government plans to issue. The bonds would be redeemed with funds collected through the carbon pricing system.

[Copyright The Jiji Press, Ltd.]