TOKYO: The Diet, Japan’s parliament, on Friday enacted a bill to promote so-called green transformation to drive a transition to a carbon neutral society.

Under the new law, the government aims to realize over 150 trillion yen in public-private investments. To the end, the government will issue 20 trillion yen in green transformation bonds over the 10 years from fiscal 2023.

The law includes wording that stresses the significance of a “fair transition” for a smooth labor shift for decarbonization, which was added during parliamentary debates.

The bill was approved by the House of Councillors, the upper chamber of the Diet, on April 28 and sent to the House of Representatives, which passed it into law Friday.

JIJI Press