Hundreds of multinational corporations, including prominent Japanese firms like Sony and Panasonic, have appealed to Japan to triple its renewable energy generation capacity by 2035 in a collective effort, media reported.

 

The group, known as RE100, emphasized that boosting domestic renewables capacity will enhance the country's energy security, bolster international competitiveness, and attract greater private investment in renewable projects.

 

The call is for Japan's forthcoming Strategic Energy Plan, scheduled to be revealed later this year, to target a significant rise in installed renewables capacity from 121 GW in 2022 to 363 GW by 2035, Agence France Presse reported.

 

This aligns with the commitment made by nearly 120 nations, including Japan, at the COP28 climate talks to triple global renewable energy within seven years, as a part of efforts to cut the share of fossil fuels in the world's energy production.

 

Japan, a member of the G7, has one of the lowest shares of renewables in its power generation, standing at 22.6%, according to International Energy Agency figures from 2022.

 

The country aims to achieve carbon neutrality by 2050 but has been hesitant to set a clear timeline for phasing out coal-fired power plants.

 

RE100, founded by the Climate Group and the Carbon Disclosure Project (CDP), has put forth six policy recommendations to enhance the availability, accessibility, and affordability of renewables in Japan.

 

The country's heavy reliance on fossil fuels, stemming partly from the ongoing offline status of many nuclear reactors post-Fukushima meltdown in 2011, necessitates a significant transition towards renewable energy sources.

 

The policy recommendations also include a call on the government to help more renewables projects get off the ground, reduce grid connection times for new renewables projects, and mobilize 17.9-18.1 trillion yen ($112-$113.5 billion) in public and private investment between 2025 and 2030 towards renewables and related technologies.