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Japan Is Backing Oil and Gas Even After COP26 Climate Talks

  • Officials said to fear fuel shocks caused by less investment
  • Import dependent nation wants to avoid fuel shortages
Yokkaichi Industrial Complex Ahead of The Paris Agreement Enforcement
Photographer: Tomohiro Ohsumi/Bloomberg

It’s been less than a month since world leaders pledged to combat climate change at the COP26 summit in Glasgow, yet Japan is already showing signs of putting the brakes on divestment from fossil fuels.

Government officials have been quietly urging trading houses, refiners and utilities to slow down their move away from fossil fuels, and even encouraging new investments in oil-and-gas projects, according to people within the Japanese government and industry, who requested anonymity as the talks are private.