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Japan may create up to $19 billion fund to promote green investment: sources

Published 12/03/2020, 09:13 PM
Updated 12/03/2020, 09:15 PM

By Yoshifumi Takemoto and Kaori Kaneko

TOKYO (Reuters) - Japan's government is considering creating a 1 trillion to 2 trillion yen ($9.63 billion to $19.27 billion) fund to promote investment in environment-friendlier areas, three government officials with direct knowledge of the matter told Reuters.

The fund will be part of the government's third stimulus package to be compiled next week, which will also consist of measures to prevent the spread of the novel coronavirus and spending for disaster-proof infrastructure, the officials said.

It is one of several funds the government is considering creating, with targets including technical development in battery storage and carbon emission reduction, the officials said.

Prime Minister Yoshihide Suga has pledged to make green investment a pillar of his policy agenda as Japan aims to cut greenhouse gas emissions to net zero by 2050.

To that end, Japan may ban sales of new gasoline-engine cars by the mid-2030s in favour of hybrid or electric vehicles, public broadcaster NHK reported on Thursday.

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