Nuclear power is key for Japan’s energy safety: Yasutoshi Nishimura

Nuclear power shall be key for Japan’s energy safety because the nation targets carbon neutrality, mentioned Japan’s Minister of Economy, Trade and Industry Yasutoshi Nishimura.

“I believe that nuclear power is important as we work towards carbon neutrality while ensuring energy security. We are in the direction of planning to increase the overall dependency level in nuclear energy,” Nishimura advised CNBC’s Silvia Amaro on the sidelines of the G-20 ministers’ assembly in Indonesia on Saturday.

Nuclear power has typically been touted as an necessary possibility for decarbonization. In May, Japanese Prime Minister Fumio Kishida introduced the nation will take steps to restart idled nuclear power vegetation in efforts to stabilize energy provide and costs.

Nishimura added that Japan has secured 10 vegetation for reactivation and is working towards reactivating seven extra beginning subsequent 12 months. The minister emphasised the significance of security whereas acknowledging the 2011 Fukushima Daiichi Nuclear Power Station accident, when an enormous earthquake and tsunami triggered the world’s worst nuclear catastrophe since Chernobyl in 1986.

“The price of natural gas and the price of energy are soaring internationally… the energy market is tight,” Nishimura mentioned. On Friday, Russia’s state-owned energy large Gazprom mentioned it will indefinitely halt fuel flows to Europe by way of the Nord Stream 1 fuel pipeline, citing the necessity for further repairs.

“If Japan reactivates one nuclear plant, it produces 1 million tons’ worth of energy, making it possible for Japan to have secure energy and potentially be self-sufficient,” Nishimura added.

Japan at present will depend on imports for 94% of its energy provide.

Price cap on Russian oil

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When requested concerning the worth cap, Nishimura mentioned he is balancing a number of concerns:

“We would like to consider the establishment of a stable crude oil market, and also a stable supply and security of crude oil imports to Japan, and while taking this into account, continue to cooperate with the G-7 countries.”

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