Japan will revise its basic hydrogen strategy by the end of May by increasing its production goal from 2m tonnes to 12m tonnes by 2040, according to the 3rd Ministerial Meeting on Renewable Energy and Hydrogen held on 4 April.

To reach this goal, Japan will consider setting aside 15 trillion yen (~$113 billion) in public and private sector investment to build the large-scale supply chains and industrial complexes required over the next 15 years, said Japanese Prime Minister Fumio Kishida on Tuesday.

Japan will formulate a strategy and targets, and it welcomes investments from both inside and outside Japan.

With the situation in Ukraine and the global energy crisis, the United States and Europe are promoting huge investments in hydrogen.

In addition to accelerating the concrete implementation of supply chain construction and industry development, Japan will domestically advance the development of a pioneering system that integrates regulation and support on hydrogen ahead of Asia.

Japan’s existing goal in its basic Hydrogen strategy in 2017 is to increase the national annual hydrogen supply to about 3m tonnes annually in 2030 from 2m tonnes now and reduce the cost of hydrogen to 30 yen per normal metre (around €2.30/kg).