METI Launches 1 trillion yen Energy Saving Project

Ministry of Economy, Trade and Industry started the study to develop innovative energy technology to realize target of Invitation to Cool Earth 50, which prime minister Shinzo Abe launched in May to reduce the warming gas emission by 50% by 2050. METI expends around 1 trillion yen for the projects including hydrogen reduction new steel making process and zero emission coal fired power generation. METI tries to secure 80 billion yen of budget for fiscal 2008 starting April 2008. Mr. Akio Mimura, who is president of Nippon Steel, joins the key figure commission. METI’s minister Akira Amari unveiled the concept at press conference on Wednesday after the cabinet meeting. The ministry tries to encourage to develop advanced technology for innovative energy saving. The hydrogen reduction steel making process is to use hydrogen as reducing agent replacing a part of coke to reduce carbon dioxide emission significantly. The projects also include carbon dioxide separation technology from blast furnace gas through unused low temperature waste heat, new nuclear power generation and high performance solar light power generation.