Prime Minister Fumio Kishida said Friday he plans to create two new ministerial posts within his Cabinet responsible for promoting startups and decarbonization efforts.
Unveiling the positions during a speech in Nagano Prefecture, Kishida aims to increase investment in decarbonization by aligning the public and private sectors while driving economic growth through the cultivation of more startups.
Industry minister Koichi Hagiuda is expected to double as decarbonization minister, while Daishiro Yamagiwa, the minister in charge of economic revitalization and coronavirus response, will likely concurrently hold the post of startup minister, a government source said.
Dubbing the efforts in decarbonization as a "green transformation," which will be branded "GX," Kishida vowed to deliver an "unprecedented support framework to spur massive long-term private sector investment" in carbon reduction industries.
While not elaborating on specific measures, Kishida reaffirmed the "government's commitment to the private sector and financial markets through the backing of financial resources."
The GX executive council will be established in the Prime Minister's Office and hold its first meeting next Wednesday.