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Japan to set up 2tr yen fund for green tech development: Suga
Published in The Saudi Gazette on 05 - 12 - 2020

Japanese Prime Minister Yoshihide Suga said on Friday that Japan will set up a 2 trillion yen ($19 billion) fund to support the development of green technologies over the next decade and invest another 1 trillion yen in digitalization, as the country seeks to achieve carbon neutrality by 2050 and spur economic growth, Kyodo reported.
In a press conference held the day before the end of the current extraordinary Diet session, which started on Oct. 26, Suga reiterated the importance of taking environmental measures.
"Environmental response is no longer a restriction on economic growth. Rather it facilitates private investment toward the future, pushes forward changes of society and the economy as a whole and produces major growth," said Suga.
"To achieve a virtuous cycle of environment (protection) and growth, the government will take a big step forward in green investment first," he added.
Suga also pledged to secure more than 1 trillion yen in expenses related to digitalization including the research and development for post-5G wireless communications technologies supporting cellular data networks so that Japan can "take the lead in the world in the next generation technologies."
"What our country needs is a source of growth in the post-corona (era). And green and digital (technologies) will serve as its axes," he said.
He called for developing hydrogen aircraft and vessels as well as low-cost batteries for electric vehicles while promoting carbon recycling, and attracting green investment from around the world.
Regarding the country's ongoing fight against the novel coronavirus pandemic, Suga said the Japanese government is tackling the latest resurgence with a "strong sense of crisis," adding that a rise in the number of severely ill patients has started to put a strain on hospitals.
He asked the public to continue taking basic precautions against the spread of COVID-19 including wearing masks and washing hands, and said that shorter opening hours for restaurants should help curb further outbreaks. — SPA

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