🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Japan could be energy-independent by 2060 thanks to renewables, Rystad Energy CEO says

Published 14/06/2024, 03:06 pm
© Reuters. Jarand Rystad, chief executive of Rystad Energy, poses for a picture during an interview with Reuters, in Tokyo, Japan June 5, 2024. REUTERS/Katya Golubkova
NG
-

By Katya Golubkova

TOKYO (Reuters) - Japan, a major coal and liquefied natural gas (LNG) buyer, could be energy-independent by 2060 thanks to expansion of solar and wind power together with storage batteries, said Jarand Rystad, chief executive of the Rystad Energy consultancy.

Japan imports most of its energy resources, with the Middle East, Australia and the United States being its top suppliers. The government's strategy calls for a reduction in LNG and coal to under 40% of the power generation mix by 2030 from more than 60% now. But analysts say Japan is moving slower it needs to.

"Japan's mindset is that we have to import energy because we have no energy ourselves. But with the development in renewable energy technologies, I think that statement doesn't need to be true," Rystad told Reuters.

According to Rystad, Japan could be energy-sufficient by having 45% of solar power, 30% of wind generation led by offshore farms, 5% of hydropower, another 5% of biomass and e-fuel with nuclear power providing the remaining 15%, by 2060.

"All Japan needs is to continue installing as much solar as it did in the years before 2020. From 2014, you installed between 10 and 12 gigawatts on the peak," Rystad said.

Japan installed about 4 GW of new solar capacity last year, with its total outstanding solar capacity reaching 87 GW, the world's third biggest behind China and the United States.

© Reuters. Jarand Rystad, chief executive of Rystad Energy, poses for a picture during an interview with Reuters, in Tokyo, Japan June 5, 2024. REUTERS/Katya Golubkova

Rystad said mixing agriculture with solar panels - which also provide the shade preferred by some types of crops - as well as solar rooftops above roads, among other solutions, could help to expand the use of such power.

"The combination of offshore and onshore wind and solar, geothermal and biomass with solid backup from both battery and pumped hydro, should actually enable Japan to see self-dependency in energy in 40 years, or by 2060 even," he said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.