Japan to Establish Green Transformation Law

Tokyo, Jan. 24 (Jiji Press)--The Japanese government Tuesday presented an outline of a planned new law on the promotion of green transformation as part of efforts to realize a carbon-free society.

The outline was shown to sections of the ruling Liberal Democratic Party, including the Economy, Trade and Industry Division, and gained their approval.

Under the planned law, the government will issue 20 trillion yen in green transformation bonds over the 10 years from fiscal 2023, hoping that the private sector will follow suit and increase investments related to decarbonization.

The outline also includes a carbon-pricing system requiring businesses to pay for their carbon dioxide emissions.

The government is set to submit the bill to the current parliamentary session early next month.

[Copyright The Jiji Press, Ltd.]