According to The Nikkei Asia, a consortium of Japanese companies including Toyota Motor and Sumitomo Mitsui Financial Group will team up with a domestic investment company to set up a fund to help develop Japan's hydrogen industry, seeking to bolster infrastructure related to production and storage.
The Japan Hydrogen Association, which has approximately 280 private sector company members, seeks to have the fund in operation by 2024. Domestic investment company Advantage Partners will be the main operator of the fund, the country's first dedicated to hydrogen investments.
The Japanese government estimates that its goal of reaching carbon neutrality by 2050 will require more than 150 trillion yen (around US$990 billion) in public and private funds over the next 10 years. Tokyo is only expected to shoulder about 20 trillion yen, leaving private money to cover the rest.
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