- Category: Politics
01 Aug 2012
- Published on Wednesday, 01 August 2012 10:34
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In a move to get back on its feet following economic losses that were partly a result of its environmental disasters last year, the Japanese government is putting “green growth” at the core of its recently approved long-term economic revival plan.
According to a Reuters report, the new strategy aims to deliver 3 percent annual gross domestic product growth or 2 percent per year of “real” growth by 2020.
It will focus on improving three sectors – renewable energy, healthcare and farming.
Reuters reported that Japan seeks to boost the green energy sector, creating 50 trillion yen ($639 billion) in investments by 2020, creating up to 1.4 million new jobs.
The new green targets are set in the wake of the generous feed-in tariff rates approval for renewable energy schemes in the country, which is expected to advance its shift toward a low-carbon future.
"It would help the economy if Japan could raise its competitiveness in the global renewable energy market ... because the nation now lags behind," Yasuo Yamamoto, senior economist at Mizuho Research Institute, told Reuters.
After World War II, none of the countries in East Asia experienced significant economic growth except Japan. The nation’s economic share increased at an annual rate of 10 percent from the mid-1950’s up to the early 70’s, according to a study by Stanford University’s Program on International and Cross-Cultural Education. – EcoSeed Staff