Amidst Arctic investment, Japan pledges G7 cooperation on fresh sanctions on Russia

Japan will make comprehensive decisions to ensure the country’s energy supply is stable while cooperating with the G7 group amid fresh U.S. sanctions on Russia, Industry Minister Yasutoshi Nishimura told reporters on Monday.

This month, the United States sanctioned a number of companies providing engineering, construction and other services to the Russia-led Arctic LNG 2 project where Japanese shareholders hold a combined 10% stake.

Nishimura added that Japan was still examining the impact from the sanctions which do not cover the project itself, or the shareholders.

The comments were made at a news conference after Nishimura hosted the Hydrogen Energy Ministerial Meeting in Tokyo to discuss measures and challenges to promote the use of hydrogen to help the world combat climate change.

Policy support needed to achieve goal

Ministers and delegates in 22 countries have agreed to set a goal to increase global hydrogen demand to 150 million metric tons by 2030, with up to 90 million tons sourced from renewable and low-carbon, Nishimura said.

There are many hydrogen production projects being planned in various countries and many nations and regions have crafted their own hydrogen policy, but few have made investment decisions due to the uncertain demand outlook, he said.

“Therefore, we have a new demand goal and shared the recognition that policy support is needed to achieve this goal,” he said.

Related stories from around the North: 

Canada: Bill requiring First Nations’ oil and gas development consent spiked in Yukon

Norway: Norway’s oil minister: “We need new discoveries”, The Independent Barents Observer

Russia: Growth in Arctic shipping warrants Polar Code adjustments, say experts, Eye on the Arctic

United States: Washington bans Russia’s main Arctic oil driller, The Independent Barents Observer