Japan's FY 2013/14 budget to back renewables sector

Aug 20, 2012 - Renewable energy deployment will be among the priorities of Japan's budget for the fiscal year through March 2014, under guidelines greenlighted Friday by the Cabinet, Japan Times said in the weekend.

The country has been trying the promote and boost the development of wind, solar and geothermal power plants since the earthquake of March 2011 and the subsequent nuclear crisis. In a huge step to back the sector, Japan launched appealing feed-in tariffs for renewable power from July 1, 2012.

Japan's economic growth strategy will also get ample financing in the fiscal 2013 budget, according to the report. Ministries and agencies are seen to pour between JPY 2 trillion (USD 25bn/EUR 20bn) and JPY 4 trillion on projects in the environment, medical and healthcare fields and agriculture, forestry and fisheries sectors, Japan Times said.

Government offices will have until September 7 to submit budgetary requests. After that a draft budget will be built up in December and go to the lower and upper house of parliament early in 2013.

(JPY 100 = USD 1.258/EUR 1.020)

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