Developers Are Rushing to be Among the First in Japan's New Renewable Industry
On June 18, 2012, Yukio Edano, the Minister of Economy, Trade and Industry (METI) accepted the recommendation of an advisory committee on the new renewable energy industry and adopted a comprehensive system of feed-in tariffs in order to put Japan on the path to a more sustainable energy mix. As the move had been widely expected following the adoption of the Renewable Energy Act (REA) (effective July 1, 2012), numerous Japanese companies have been positioning themselves to take advantage of the unusually generous rates. METI has reported that, as of June 29, it has approved 44 applications (moshikomi) to establish facilities all over the country for a total of 41,605 kilowatts of renewable power. This year, the Ministry said that it expects to introduce approximately 2.5 GW of new renewable power; capacity equal to two nuclear reactors.