May 16, 2024. TOKYO, Japan
Aim to provide JPY 2 trillion in funding for production
Mizuho Financial Group, Inc. (President & Group CEO: Masahiro Kihara) aims to provide JPY 2 trillion in financing for the production and supply of hydrogen and related technologies by 2030. This goal reflects our understanding of the growth in these funding needs.
Hydrogen and related technologies have been identified as a key component for decarbonization across various sectors, including power generation, transportation, and industry, as countries around the world move toward achieving carbon neutrality.
Despite ongoing R&D and feasibility studies in Japan and other countries, hydrogen's widespread adoption is currently hindered by issues that include, aside from the need to generate demand and reduce costs through innovation, companies' ability to secure necessary funding.
As outlined in the Mizuho Sustainability Focus 2023 report, entitled "Sustainability: Path to industrial competitiveness", Mizuho identifies hydrogen as a key component for achieving widespread decarbonization across various sectors. Based on this perspective, we have pursued the following initiatives to promote its extensive use in society.
Mizuho's recent initiatives in hydrogen and related technologies
Initiatives | Examples |
1) Involvement in formulating Japanese government strategy |
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2) Development and commercialization support for key technologies |
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3) Research, analysis, and information dissemination for social implementation of hydrogen |
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4) Support for the construction of hydrogen and related technology supply chains |
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5) Strengthening financing ability |
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Given the growing urgency to set up supply chains for hydrogen and related technologies, which require substantial investment for production facilities, financial institutions have an essential role to play in providing funding. At Mizuho, we aim to offer JPY 2 trillion in financing for the production and supply of hydrogen and related technologies by 2030. By adopting this proactive approach, we will contribute to the development of the supply chains and accelerate hydrogen adoption in society.
To achieve this ambitious aim, we are focusing on three key areas: (1) Developing business strategies focused on hydrogen and related technologies, (2) Establishing a group-wide framework dedicated to supporting hydrogen and related technologies, and (3) Expanding our pool of personnel specialized in related areas. Going forward, we will further expand our initiatives to promote the construction of supply chains for hydrogen and related technologies.
1: "Hydrogen and related technologies" refers to areas including hydrogen, ammonia, and e-methane.
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