It’s been less than a month since world leaders pledged to combat climate change at the COP26 summit in Glasgow, Scotland, yet Japan is already showing signs of putting the brakes on divestment from fossil fuels.
Government officials have been quietly urging trading houses, refiners and utilities to slow down their move away from fossil fuels, and even encouraging new investments in oil-and-gas projects, according to people within the government and industry, who requested anonymity as the talks are private.
The officials are concerned about the long-term supply of traditional fuels as the world doubles down on renewable energy, the people said. The import-dependent nation wants to avoid a potential shortage of fuel this winter, as well as during future cold spells, after a deficit last year sparked fears of nationwide blackouts.