What is Japan’s approach towards circular economies?

The Ministry of Economy, Trade and Industry showcased its new blueprint for circular economies, the “Circular Economy Vision 2020” report, with the aim of creating a virtuous cycle between the environment and economic growth. The report outlines the importance of circular-minded business development in Japanese industries. The government’s strategy is to create frameworks to support companies in making a smooth transition.

Since his inauguration in Fall 2020, Prime Minister Suga has been promoting the 2050 target of realizing a decarbonized society. So far, the government’s strategy includes the replacement of gasoline-powered vehicles with electric cars by 2035 and the introduction of a carbon pricing system that involves a carbon tax and emission quota trading. Moreover, Prime Minister Suga included a plan to achieve efficient and stable energy supplies with the expansion of renewables while promoting nuclear energy in a safe manner. The details of these ideas are yet to be introduced. However, with the introduction of an action plan and a clear timetable, Japan will accelerate its progress towards a circular economy.