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29.08.2011 14:02Japan's Finance Minister Noda to be new PM
One of ex-PM Kan’s last achievements was the passing of a new renewable energy bill
© US Treasury
Finance Minister Yoshihiko Noda was chosen on Monday, after Naoto Kan’s resignation last week, to become Japan's sixth prime minister in five years, but has to overcome a divided parliament, if he is to make more of a mark than his predecessors, Reuters reported.
One of ex-PM Kan’s last achievements was the passing of a new renewable energy bill.
The bill allows for incentives that guarantee above-market rates for wind, solar and geothermal energy, Bloomberg reported. The so-called feed- in tariff created a race to install solar panels when implemented in Germany and Spain. In Japan, it may help Chinese companies such as Suntech Power Holdings Co. and Canadian Solar Inc. (CSIQ) to gain a foothold.
Japan gets about 9 percent of its electricity from low- carbon sources. Kan has called for that level to increase and for the country to phase out atomic energy after the March 11 earthquake and tsunami crippled Tokyo Electric Power Co.’s Fukushima nuclear complex. Before the crisis, atomic plants supplied about 30 percent of the country’s electricity.
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