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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Japan and the EU agree to work on creating hydrogen demand and supply.

image credit: world finance image credit: world finance
image credit: world finance image credit: world finance

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According to a joint statement, Japan and the EU agreed on Monday to work together on clean hydrogen demand and supply strategies and fuel development technologies.
Japan wants to replace liquefied natural gas (LNG) with hydrogen to become carbon neutral by 2050, and Europe wants to phase out Russian fossil fuels.
Kadri Simson, European Commissioner for Energy, told reporters that “hydrogen will very soon be an internationally traded commodity, and close EU-Japan cooperation will be essential for promoting renewable and low-carbon hydrogen globally and ensuring that standards and regulations converge.”
Simson met with Japan’s economy, trade, and industry minister, Ken Saito, on Monday. They also hosted a Japan-EU hydrogen business forum with JERA, Tokyo Gas, Mitsui, and Iwatani officials.

The EU plans to produce 10 million metric tons and import 10 million tons of renewable hydrogen by 2030 to reduce carbon emissions, but it will need infrastructure to build demand.
“European energy policy prioritizes hydrogen, which will enable us to eradicate the last Russian fossil fuels. It will help decarbonize our industry over time, Simson said Monday.
99.5% of global plastics come from petroleum.

Germany, a major Russian gas buyer until the Kremlin sent troops to Ukraine in 2022, approved a measure last Monday to speed up hydrogen infrastructure, import, and manufacturing and reduce emissions.
Nikkei reports that Japan will spend 3 trillion yen ($19 billion) over 15 years to fund clean hydrogen generation.
On Monday, Japanese trading giant Itochu Corp. created a new tab to investigate the viability of a hydrogen and ammonia supply chain in Kitakyushu, southern Japan, a potential offshore wind hub.

 


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