The Government of Japan created the Strategic Energy Plan to formulate the direction of Japan's energy policy under the Basic Act on Energy Policy. Considering the changes in the energy situation since the Fifth Strategic Energy Plan was released in 2018, the government established the S+3E perspective to implement energy policy, which means the first and foremost ensuring stable supply and realising low cost energy supply by enhancing its efficiency on the premise of safety while making maximum efforts to pursue environment suitability.
The Sixth Strategic Energy Plan has been formulated with two key themes:
- achieving carbon neutrality by 2050 and the greenhouse gas emission reduction target, and
- ensuring stable energy supply and reducing its costs while taking action against climate change.
Under the plan, renewables should account for 36-38% of power supplies in 2030, double 2019’s level and well above its previous 2030 target for 22-24%.
In the mineral resources sector, in order to lower the risk of supply disruptions, the Government committed to take several measures, including the following:
- reinforce supply of financing to reduce risk for upstream investments related to mineral resources;
- maximise the use of recycled resources, including support to increase the collection rate, improve productivity through inter-company collaboration and equipment introduction, etc., and provide support for technology development; and
- strengthen the stockpiling system to allow a flexible response to short-term supply disruptions.
Through these policy supports, the Government aims to achieve a base metal self-sufficiency rate of 80% or more by 2030 – up from 50.1% in 2018. By 2050, the Government aims to secure enough base metals which will meet domestic demand, when combining materials from recycling with metal procured from overseas mines in which Japanese companies have interests.