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illuminem summarizes for you the essential news of the day. Read the full piece on Carbon Credits or enjoy below:
🗞️ Driving the news: Japan's House of Councillors passed a new law on May 17th to enhance the business environment for carbon capture and storage (CCS) technology, crucial for decarbonization efforts
• The legislation includes a permit system for CO2 capture and storage, part of Japan’s strategy to reach net-zero carbon emissions by 2050
🔭 The context: The Ministry of Economy, Trade, and Industry (METI) will establish a licensing system covering storage, exploration drilling rights, and regulatory frameworks for CCS businesses
• This is the first bill defining operators' rights and regulatory requirements, aiming to foster a conducive environment for CCS projects
🌍 Why it matters for the planet: The legislation supports Japan's broader environmental goals, contributing significantly to reducing carbon emissions and mitigating climate change
• By advancing CCS technology and low-carbon hydrogen, Japan is aligning with global efforts to combat environmental degradation
⏭️ What's next: Japan plans to have its first commercial CCS project operational by 2030, with an estimated annual storage capacity ranging from 120 to 240 million tons by 2050
• The country will also implement a subsidy system to promote hydrogen energy as a viable alternative to natural gas
💬 One quote: “Japan has made a highly challenging international pledge of a 46 percent reduction in greenhouse gas emissions by fiscal 2030,” stated Prime Minister Fumio Kishida
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