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On 10 February 2023, the Japanese Cabinet confirmed the Basic Plan for the GX: Green Transformation Policy, aimed to help Japan achieve its climate goals.
At the end of 2022, before compiling the final edition, the Ministry of Environment, Trade, and Industry (METI) issued the draft Basic Plan for public comment. At the same time, Japan wanted to push towards growth-oriented carbon pricing to maintain its energy security.
The Basic Plan is Japan's decarbonisation strategy's ten-year road map. The Basic Plan also describes the carbon pricing tools that will help Japan achieve its Nationally Determined Contributions (NDCs) target of a 46% reduction in carbon emissions by 2030.
Japan's government developed the rules for the GX league and scheduled it to debut in April 2023 to set a three-year compliance cycle. In 2022, the GX Executive Committee and deliberative councils from relevant ministries met regularly. As a result, more than 600 companies announced that they would participate in the Basic Plan.
The Basic Plan details the preliminary plans for the GX League's switch to a mandatory emission trading system (ETS) starting in 2026. After the GX League's first compliance deadline for voluntary members at the end of March 2026, participation will become mandated, and compliance duties will be extended to more companies.
In 2028, Japan's government will charge importers of fossil fuels a carbon fee. The government will determine the levy's scope and coverage based on other current regulations, such as Japan's carbon tax, which is 289 Japanese Yen ($2.16).
Management and coordination of the ETS and carbon levy will fall under the purview of a new government organisation to be established, called the GX Promotion Agency.
The Joint Crediting Mechanism (JCM) will be expanded, as stated in Japan's Basic Plan. The JCM has bilateral agreements that focus on increasing low-carbon technology and permit the transfer of emissions reductions internationally. The government wants to increase the current 25 partners and promote the JCM by researching the implementation of massive projects like carbon capture and storage (CCS).
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