PRI response to METI and MOE consultations on climate and energy policies

On 26 December 2024, the Ministry of Economy, Trade and Industry opened the public comment period for its proposed 7th Basic Energy Plan and the GX 2040 Vision, and the Ministry of the Environment opened the public comment period for the revised Plan for Global Warming Countermeasures. These three documents complement each other to provide a broad picture of the Japanese government’s commitments and plans to balance energy security, economic growth, and their 2050 net zero goal. These proposals especially focus on the 2040 milestone, with the Plan for Global Warming Countermeasures renewing emissions reduction targets (including the Nationally Determined Commitment (NDC)) for 2035 and 2040, the 7th Strategic Energy Plan providing energy mix forecasts up to 2040, and the GX 2040 Vision outlining policy support for the industrial transition.

The PRI welcomes the proposals where they provide much needed context and information for responsible investors to understand Japan’s climate and energy forecast, particularly regarding how Japan’s Energy Plan relates to Japan’s Paris Agreement commitments with a focus on the 2040 milestone. The PRI also considers recommendations to better align Japan’s emissions reduction pathways and commitments with a higher level of ambition being expected of leading developed nations such as Japan, continue and enhance policy efforts to mobilize private capital for the transition, and further clarify Japan’s approach to the use of key energy sources.

Download the response in full, in English or Japanese, below.