Tokyo, June 5 (Jiji Press)–More than 130 companies and other organizations are set to join an initiative of the Japan Business Federation, or Keidanren, for a net zero carbon society, Jiji Press learned Friday.
The participating entities, including Toyota Motor Corp. <7203>, Nippon Steel Corp. <5401> and other manufacturers, as well as financial institutions, will declare that they aim for a net zero carbon society through technological innovations.
Participants from the carbon-heavy steel, chemical and energy industries will include JFE Holdings Inc. <5411>, Mitsubishi Chemical Holdings Corp. <4188>, Tokyo Electric Power Co. Holdings Inc. <9501> and JXTG Holdings Inc. <5020>.
Among other participants will be major airline group ANA Holdings Inc. <9202> and Japan’s three megabanks.
Companies have come up with over 300 projects to realize a carbon-free society, including power-saving efforts and a drastic shift in fuel use by promoting the use of renewable energy sources and hydrogen, informed sources said.
Keidanren has examined the plans, with support from related experts, and concluded that it is possible to achieve the Paris Accord target of reducing greenhouse gas emissions to virtually zero in the second half of this century, according to the sources.
There are concerns, however, that investments for a carbon-free society could be hampered by the coronavirus pandemic, which is hitting many companies hard.
Japan is expected to face calls for strategic public-private responses to the pandemic, such as the European Union’s moves to link economic recovery plans and environmental measures, observers said.