Green Innovation Fund

In March 2021, Japan's New Energy and Industrial technology Development Organisation set up the Green Innovation Fund, worth up to 2 trillion yen ($19.2 billion), to implement ambitious green projects over the next decade as part of additional stimulus measures in response to COVID-19. A further top up of 300 billion yen and 456.4 billion yen was made available in FY2022 and FY2023 respectively. The fund focuses on R&D, demonstration and social implementation across energy related industries, transportation and manufacturing-related industries as well as home and office related industries. The related energy related sectors include: - Offshore wind power, solar power, geothermal power - Hydrogen and fuel ammonia - Next generation heat energy - Nuclear power - Automobiles and storage batteries - Semiconductors and information and communication - Shipping - Aircraft - Carbon recycling and materials - Housing and building and next generation power management The fund also considers other sectors such as logistics, people flows and civil engineering infrastructure, resource circulation and lifestyle-related. This includes regular monitoring and a system that allows companies to access more funds if they meet interim targets successfully.

In 2023 and 2024, calls were announced in emerging technology areas, including floating wind, perovskite solar PV, ammonia-fuelled ships, hydrogen use in steelmaking, next-generation aircraft and next-generation motors.

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