“Japan is at a turning point”, the Organisation for Economic Cooperation and Development, a grouping of affluent countries, noted in a January 2024 survey of the country’s economy. The OECD noted that the Asian giant is on track to meet its 2% inflation target, while rising wages, government subsidies, and a new fiscal package will help drive growth. It also highlighted Japan’s efforts to meet its climate goals through green investment, innovation, and carbon pricing.
It is little surprise that Japan, one of the world’s most innovative and knowledge-intensive economies, is taking a global lead in developing hydrogen technology. In 2023, the government announced a revised hydrogen strategy that foresees investment of more than $107bn over the next 15 years to boost its hydrogen supply and support the shift to a low-carbon economy. The country aims to boost supply to 12m tonnes in 2040 and 20m tonnes in 2050, from 2m tonnes at present. The
