Japanese Prime Minister Shinzo Abe has instructed Cabinet ministers to draw up long-term strategies to cut greenhouse gas emissions by the time the G20 summit convenes in Osaka in June.
The 2016 Paris Agreement on climate change aims to reduce global greenhouse gas emissions to virtually zero in the second half of this century. Signatory nations are required to submit their strategies by 2020.
An expert panel submitted recommendations to Abe on Tuesday for realizing a zero-carbon society as soon as possible after midcentury. The recommendations include relying more on ESG standards when deciding where to invest. ESG stands for environmental, social and governance.
Abe said he will promote efforts to slash the cost of hydrogen energy to less than a tenth of the current level by 2050, and to study the commercial use of artificial photosynthesis technology.
He said measures to stop global warming are no longer a drag on companies, but rather a vital source of competitive strength.