International
Japan targets 40-50% power supply from renewables by 2040
(Reuters) – Japan wants renewable energy to account for up to 50% of its electricity mix by fiscal year 2040 with nuclear power taking up another 20%, according to a draft of its revised basic energy policy, as it makes a clean energy push while meeting rising power demand.
As the world’s second-largest importer of liquefied natural gas and a major consumer of Middle Eastern oil, Japan and its basic energy plans are drawing global attention from oil, gas and coal producers.
While the previous energy plan’s primary focus was decarbonisation, it has shifted greater attention to energy security given heightened geopolitical risks, including the Russia-Ukraine war.
The industry ministry’s policy draft, unveiled on Tuesday, proposes increasing renewables to between 40% and 50% of power supplies in the 2040 fiscal year, roughly doubling the 22.9% share in the 2023 fiscal year and exceeding the 2030 target of between 36% and 38%.
Thermal power usage, particularly from inefficient coal-fired power plants, is set to decrease to between 30% and 40% of the mix by 2040 from 68.6% in 2023, although the draft energy policy does not specify the breakdown of coal, gas and oil.
Advocates for renewable energy have criticised the draft, however, noting the lack of a roadmap for phasing out coal-fired power.
Mika Ohbayashi, a director at the Renewable Energy Institute, also pointed to the small target share for wind power, between 4% and 8%, compared with 20% for nuclear.
That could leave Japan lagging in wind power compared with other markets worldwide.
The draft also called for the government and the private sector to secure long-term LNG contracts to hedge against price hikes and supply disruption risks.
“It is necessary to utilise LNG-fired power as a realistic means of transition,” it said.Japan’s 2040 nuclear power target is in line with the 2030 target of between 20% and 22%, despite the challenges faced by the industry after the 2011 Fukushima disaster.
Nuclear power accounted for 8.5% of the country’s power supply in 2023.
The new energy plan removes the previous target of “reducing reliance on nuclear power as much as possible” and includes plans to build innovative next-generation reactors at nuclear power sites owned by operators who have decided to decommission existing reactors.
The 2040 forecasts assume an increase in electricity demand of between 12% and 22% from 2023 levels, particularly from semiconductor factories and data centres. All targets are provisional.
The new proposed energy plan is more realistic than the existing targets through 2030, some analysts say, indicating that the government wants to attract investments in renewable energy, including storage batteries, and keep LNG as a transition fuel.
International
Iran reopens Strait of Hormuz following two-week cease-fire agreement with Trump
Pakistan, which has mediated between Tehran and Washington, said that an immediate ceasefire between Iran and the US had taken effect.
Iranian Foreign Minister Abbas Araghchi said safe passage through the Strait of Hormuz would be possible for two weeks in coordination with Iran’s armed forces “and with due consideration of technical limitations.”
The development follows a two-week ceasefire announced by U.S. President Donald Trump, the Tasnim news agency, which is close to the Islamic Revolutionary Guard Corps (IRGC), reported early on Wednesday.
Pakistan, which has mediated between Tehran and Washington, said that an immediate ceasefire between Iran and the US had taken effect.
Prime Minister Shehbaz Sharif wrote on X that the Islamic Republic of Iran and the U.S., along with their allies, had agreed to an “immediate ceasefire everywhere,” including in Lebanon.“
Trump had made reopening the waterway a condition for the ceasefire and had threatened to target Iran’s energy sector and infrastructure, including bridges, if Tehran failed to comply, setting a deadline of 0000 GMT.
The Strait of Hormuz, crucial to global oil and gas trade, has been largely closed since the United States and Israel launched large-scale attacks on Iran on Feb. 28.
According to a senior U.S. official, Israel will also adhere to what Trump described as a “double sided CEASEFIRE.”
Oil prices climbed sharply while global stocks wavered and mostly declined on Tuesday as President Donald Trump’s looming deadline for Iran to reopen the Strait of Hormuz or face escalated U.S. strikes heightened geopolitical tensions and investor anxiety.
Brent crude futures rose about 1% to trade near $111 per barrel, with U.S. West Texas Intermediate crude also pushing higher amid fears that prolonged disruption to the critical waterway through which a significant portion of global oil supplies passes could worsen energy shortages. Oil has surged more than 50% since the conflict intensified.
Meanwhile, major U.S. stock indexes showed mixed but largely cautious trading, with many shares slipping as investors weighed the risk of further military escalation, including potential strikes on Iranian power plants and infrastructure.
European and Asian markets were similarly tentative, reflecting broader concerns over inflation, energy costs, and economic fallout from the ongoing Middle East conflict.
Trump has set a firm deadline of 8 p.m. ET Tuesday (1 a.m. GMT Wednesday) for Iran to reach a deal and reopen the strait, warning of decisive action if unmet. He has threatened to “decimate” Iranian bridges and power plants, stating the country “could be taken out in one night.
”Iran has rejected recent ceasefire proposals, calling instead for a permanent end to hostilities, while markets remain on edge with no clear resolution in sight.
Analysts warn that sustained high oil prices could fuel global inflation and slow economic growth, though some investors still hope for a last-minute diplomatic breakthrough.
The developments come as the International Energy Agency has described the current oil and gas crisis linked to the Hormuz blockade as potentially more severe than previous major shocks combined.
International
Trump warns Entire Iran could be ‘taken out’ Tuesday night
” The entire country could be taken out in one night, and that night might be Tuesday night,” he said.
US President Donald Trump says Iran could be “taken out” in one night as the deadline set for the country to open the Strait of Hormuz to shipping traffic approaches.
On Saturday, Trump gave Iran 48 hours to comply or risk facing “hell”.
He later threatened that the US would blow up Iran’s power plants and bridges if Tehran failed to adhere to his warning.
The US president said Iran had until Tuesday at 8 p.m. ET (1 am WAT) to make a deal.
In a press conference on Monday, Trump reiterated and intensified his threats.
“The entire country could be taken out in one night, and that night might be Tuesday night,” he said.
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