TOKYO: Japan aims to spend over 2 trillion yen ($14 billion) on green transformation to promote local production of storage batteries, semiconductors and equipment to produce hydrogen, among others, a document released by the government showed on Wednesday.

Japan is pushing to replace fossil fuels in its energy mix to be carbon neutral by 2050 and to reduce dependence from suppliers globally as currently it has to import nearly everything it needs for its power consumption.

Investment strategies for each of the sectors should be ready by the year-end and the spending would begin from the 2024 fiscal year should the plan be approved by the government.

Reuters