Japanese investors, including those major players in the indebted coal fired technology, are looking at backing up projects on a large-scale renewable resource across Asia. When this pushes through, it would be a monumental shift in the market analysis that will put an end to people's dependence on thermal coal energy.
At the time when Japan's largest investors including trading houses and traditional banks are turning their back on coal investments. They are selling out plans of investing in Australia's mining to build coal-fired power plants across the country.
Japan remains to be one of Australia's largest customer on coal export products. There are several proposed projects involving thermal energy produced from coal. However, according to the figures presented by The Global Coal Plant tracker, almost ⅔ of the projects are not likely to proceed. In fact, the most recent proposal included a 1.3GW coal-fired plant to be established in Akita, Japan's foremost coast region in the Northwest has been canceled.
Sojitz Corporation, the investor has expressed its intent to further divest from coal-fired power plants, following the announcement of Itochu, concerning their exit on coal in November of 2018.
The sources of reliable renewable energy in Asia says that the banks in Japan including Japan Bank for International Cooperation and the Japan International Cooperation Agency have expressed their growing desire to invest in renewable sources of energy. They would like to look into the renewable sector to see how such could bring about change in their current source and all its positive effects on a global scale.
The increased interest in investing in renewable resources have become notable among the great investors in Japan. Though the demand for electricity in Japan only grows by the day, the population is also looking at using electric energy from a source that helps save the environment. In the market today, coal appears to be the most viable option, until Japan discovered the many ways renewable energy can be harvested and used for people's consumption.
Other investors are looking at putting their money on Akita. It is part of the country that is next to the Sea of Japan. Their offshore investments and development could find a good home in Akita.
At the moment, there are 13 offshore wind turbine developments across Japan. The environmental assessment they are doing has a total investment of about 2 trillion yen. This is according to the investment report by the Mizuho Bank.
The question is when will the rest of the world be ready to choose the renewable source?
