Commodities
Japan Bolsters Energy Resilience with Policy Package Amid Global Tensions
Tokyo is accelerating its Green Transformation (GX) towards decarbonization by maximizing nuclear power and investing in next-generation solar cells.
The government has proposed a policy package to strengthen the resilience of Japan's energy supply-demand structure, which includes diversifying fossil fuel procurement sources and reducing risks.
To achieve this, Tokyo plans to provide financial support to businesses that shift their procurement of crude oil, naphtha, and other petroleum products away from the Strait of Hormuz, where tensions have led to a blockade.
The government will also fund the construction of pipelines designed to bypass the Strait of Hormuz through the Japan Organization for Metals and Energy Security.