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Japan targets 40-50% power supply from renewables by 2040

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(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.

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JUST IN: Joe Biden diagnosed with ‘aggressive’ prostate cancer

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Former US President Joe Biden, 82, has been diagnosed with prostate cancer that has spread to his bones, a statement from his office said on Sunday.

Biden, who left office in January, was diagnosed on Friday after he saw a doctor last week for urinary symptoms.

The cancer is a more aggressive form of the disease, characterised by a Gleason score of 9 out of 10. This means his illness is classified as “high-grade” and the cancer cells could spread quickly, according to Cancer Research UK.

Biden and his family are said to be reviewing treatment options. His office added that the cancer was hormone-sensitive, meaning it could likely be managed.

In Sunday’s statement, Biden’s office said: “Last week, President Joe Biden was seen for a new finding of a prostate nodule after experiencing increasing urinary symptoms.

“On Friday, he was diagnosed with prostate cancer, characterised by a Gleason score of 9 (Grade Group 5) with metastasis to the bone.

“While this represents a more aggressive form of the disease, the cancer appears to be hormone-sensitive which allows for effective management.

“After news broke of his diagnosis, the former president received support from both sides of the aisle.

President Donald Trump wrote on his social media platform Truth Social that he and First Lady Melania Trump were “saddened to hear about Joe Biden’s recent medical diagnosis”.

“We extend our warmest and best wishes to Jill and the family,” he said, referring to former First Lady Jill Biden. “We wish Joe a fast and successful recovery.”

Former Vice-President Kamala Harris, who served under Biden, wrote on X that she and her husband Doug Emhoff are keeping the Biden family in their prayers.

“Joe is a fighter – and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership,” Harris said.

In a post on X, Barack Obama – who served as president from 2009 to 2017 with Joe Biden as his deputy – said that he and his wife Michelle were “thinking of the entire Biden family”.

“Nobody has done more to find breakthrough treatments for cancer in all its forms than Joe, and I am certain he will fight this challenge with his trademark resolve and grace. We pray for a fast and full recovery,” Obama said.

In 2016, Obama tasked Biden with leading a “cancer moonshot” government-wide research programme.

In the UK, Prime Minister Keir Starmer said: “I am very sorry to hear President Biden has prostate cancer.

All the very best to Joe, his wife Jill and their family, and wishing the president swift and successful treatment.”

The news comes nearly a year after the former president was forced to drop out of the 2024 US presidential election over concerns about his health and age.

He is the oldest person to have held the office in US history.

Biden, then the Democratic nominee vying for re-election, faced mounting criticism of his poor performance in a June televised debate against Republican nominee and current president Donald Trump.

He was replaced as the Democratic candidate by his vice-president, Kamala Harris.

Prostate cancer is the second most common cancer affecting men, behind skin cancer, according to the Cleveland Clinic.

The US Centres for Disease Control and Prevention (CDC) says that 13 out of every 100 men will develop prostate cancer at some point in their lives.

Age is the most common risk factor, the CDC says.

Dr William Dahut, the Chief Scientific Officer at the American Cancer Society and a trained prostate cancer physician, told the BBC that the cancer is more aggressive in nature, based on the publicly-available information on Biden’s diagnosis.

“In general, if cancer has spread to the bones, we don’t think it is considered a curable cancer,” Dr Dahut said.

He noted, however, that most patients tend to respond well to initial treatment, “and people can live many years with the diagnosis”.

Dr Dahut said that someone with the former president’s diagnosis will likely be offered hormonal therapies to mitigate symptoms and to slow the growth of cancerous cells.

Biden had largely retreated from the public eye since leaving the White House and he has made few public appearances.

The former president delivered a keynote speech in April at a Chicago conference held by the Advocates, Counselors, and Representatives for the Disabled, a US-based advocacy group for people with disabilities.

In May, he sat down for an interview with the BBC – his first since leaving the White House – where he admitted that the decision to step down from the 2024 race was “difficult”.

Biden has faced questions about the status of his health in recent months.

In an appearance on The View programme that also took place in May, Biden denied claims that he had been experiencing cognitive decline in his final year at the White House. “There is nothing to sustain that,” he said.

For many years, the president had advocated for cancer research.

In 2022, he and Mrs Biden relaunched the “cancer moonshot” initiative with the goal of mobilising research efforts to prevent more than four million cancer deaths by the year 2047.

Biden himself lost his eldest son, Beau, to brain cancer in 2015.

BBC

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Global Oil Market Report – May 2025 by IEA

Based on the latest plans, OPEC+ will add 310 kb/d of extra supply this year and 150 kb/d in 2026.Refinery throughput forecasts for 2025 and 2026 are broadly unchanged from last month’s Report at 83.2 mb/d and 83.6 mb/d, respectively.

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Global oil demand growth is projected to slow from 990 kb/d in 1Q25 to 650 kb/d for the remainder of the year as economic headwinds and record EV sales curb use.

International energy agency, made the disclosure in its Oil Market Report – May 2025

The report reads: ” Demand growth averages 740 kb/d in 2025 and 760 kb/d in 2026, despite accelerating OECD declines of -120 kb/d and -240 kb/d, respectively.

World oil supply looks on track to rise by 1.6 mb/d to 104.6 mb/d on average in 2025, and by an additional 970 kb/d in 2026.

Non-OPEC+ producers are set to add 1.3 mb/d this year and 820 kb/d next year, even as US LTO supply has been reduced.

Based on the latest plans, OPEC+ will add 310 kb/d of extra supply this year and 150 kb/d in 2026.Refinery throughput forecasts for 2025 and 2026 are broadly unchanged from last month’s Report at 83.2 mb/d and 83.6 mb/d, respectively.

Annual gains of around 400 kb/d in both years are driven exclusively by non-OECD regions. Refining margins reached 12-month highs across most regions and configurations in late April, as a discernible shift in crude pricing boosted profitability.Global oil stocks rose by 25.1 mb in March, led by a 57.8 mb increase in crude, but at 7 671 mb remained well below the five-year average (-221 mb).

Total OECD inventories increased by 3.1 mb, while non-OECD stocks rose by 21.3 mb and oil on water was up slightly by 0.7 mb. Preliminary data show global oil inventories built further in April.

Benchmark crude oil prices fell by around $10/bbl over April and into May amid escalating US tariffs and larger-than-expected OPEC+ output hikes.

Bearish sentiment eased somewhat after the US reached a trade deal with the UK on 8 May, and a 90-day accord with China on 12 May. Russian crude prices averaged $55.64/bbl in April with all major export grades below the $60/bbl price cap.

At the time of writing, North Sea Dated was trading at around $66/bbl.

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Former Mauritanian president jailed for 15 years following appeal

Abdel Aziz, who has denied corruption allegations, was found guilty of economic crimes and abuse of power.

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Mauritania’s former president, Mohamed Ould Abdel Aziz, was on Wednesday sentenced to 15 years in prison on corruption charges following an appeal to a Nouakchott court by both the state and Aziz’s defence against a sentence imposed in 2023.

Reuters reported that Abdel Aziz led the West African country for a decade after coming to power in a 2008 coup, followed by an election a year later.

He was an ally of Western powers fighting Islamist militants in the Sahel region.

Abdel Aziz, who has denied corruption allegations, was found guilty of economic crimes and abuse of power.

He was initially handed a five-year prison sentence in December 2023 before the state appealed against the leniency of that punishment and Aziz’s team appealed the ruling, saying only a high court of justice was qualified to try a former president.

“It is a decision that reflects the pressure the executive branch exerts on the judiciary,” defence lawyer Mohameden Ichidou told Reuters, adding that the defence would appeal against the decision to the Supreme Court.

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