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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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International

Canada’s Election Results

Carney’s Liberals are leading in 168 seats but would need 172 for a majority.

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Mark Carney’s Liberal Party is expected to win enough seats in the House of Commons to form a government in Canada.

However, they are still short of the majority they wanted.

Carney is set to remain prime minister, having only assumed the role in early March following Justin Trudeau’s resignation.

His main rival, Conservative leader Pierre Poilievre, is projected to have lost his own seat as has Jagmeet Singh, leader of the New Democratic Party (NDP).

Carney’s Liberals are leading in 168 seats but would need 172 for a majority.

The Conservatives are set to remain in opposition as the second-largest party and are leading in 144 seats, with 99% of polls having reported results.

Bloc Québécois is leading in 23 seats and only runs candidates in the province of Quebec.

The NDP is leading in seven seats and the Green Party in one.

(BBC)

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Russia rejects Ukraine’s proposal for 30-day ceasefire

On Monday, Putin declared a unilateral ceasefire from May 8 to 11, coinciding with Russia’s annual Victory Parade on May 9, commemorating the end of World War II.

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Kremlin spokesman Dmitry Peskov has rejected a proposal from Kyiv to extend a unilateral three-day ceasefire declared by Russian President Vladimir Putin in early May to a full 30 days.

Peskov confirmed that Moscow had reviewed the offer put forward by Ukrainian President Volodymyr Zelensky but stated that several key issues needed to be resolved first.

“Without answers to these questions, it is difficult to enter into a long-term ceasefire,” he said, emphasising that this was Putin’s position.

In March, Putin had outlined conditions when U.S. President Donald Trump proposed a similar 30-day ceasefire.

These included restrictions on Ukraine using the pause to regroup and rearm its forces, as well as a halt to Western arms shipments to Kyiv.

Putin offered no concessions in return.

On Monday, Putin declared a unilateral ceasefire from May 8 to 11, coinciding with Russia’s annual Victory Parade on May 9, commemorating the end of World War II.

(AFP).

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International

JUST IN: Canadians snub Trump annexation call, elect Mark Carney as prime minister

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Canadians have ignored the President of the United States of America’s annexation call, as Mark Carney, a Liberal, has been elected as prime minister of the country, according to the projections of the national broadcaster CBC/Radio Canada.

Carney beat his opposite, Pierre Poilievre of the Conservative Party, to emerge the winner in one of the country’s most consequential elections in decades.

However, it’s still not clear if his Liberal party will win the 172 seats needed for an outright majority in parliament.

The full results will not be available until late Monday evening or early Tuesday morning.

The vote was widely seen as a decision about which candidate could best handle President Trump, who helped spark a wave of nationalism across Canada by threatening to annexe Canada and placing stiff tariffs on the country.

The 60-year-old Carney had a career in investment banking before becoming the governor of the Bank of England during the Brexit turmoil and the head of the Bank of Canada during the 2008 economic downturn.

Carney had never held political office before being named leader of the Liberal Party in March.

His background in finance and his seemingly unflappable demeanour helped convince voters he was the candidate that could best tackle Trump and his sometimes erratic policies.

Carney’s victory comes amid President Trump’s call for the annexation of Canada by the US.On Monday, Trump repeated his call for Canada to be the 51st US state.

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