According to Yasutoshi Nishimura, Japan’s Minister of Economy, Trade, and Industry, nuclear power will be essential for the country’s energy security as it works toward carbon neutrality.

“As we try to become carbon neutral while preserving energy security, I think nuclear power is crucial. On the eve of the G-20 ministers’ conference in Indonesia on Saturday, Nishimura told CNBC’s Silvia Amaro, “We are planning to increase the overall dependency level in nuclear energy.

The promotion of nuclear energy as a significant decarbonization solution is common. In an effort to stabilise the energy supply and costs, Japan’s Prime Minister Fumio Kishida declared in May that the nation will take steps to restart dormant nuclear power reactors.

Nishimura stated that Japan is trying to reactivate seven additional facilities beginning in 2019 in addition to the 10 units it has secured for reactivation. The minister underlined the value of safety while addressing the Fukushima Daiichi Nuclear Power Station accident in 2011, which resulted in the greatest nuclear disaster since Chernobyl in 1986 as a result of a significant earthquake and tsunami.

According to Nishimura, “the price of natural gas and the price of energy are skyrocketing internationally… the energy market is tight.” The Nord Stream 1 gas pipeline will be permanently shut down, according to Russia’s state-owned energy firm Gazprom, who made the announcement on Friday. They cited the necessity for more repairs.

Nishimura continued, “If Japan restarts one nuclear plant, it generates 1 million tonnes of energy, making it possible for Japan to have safe energy and possibly be self-sufficient.”

Currently, 94% of Japan’s energy needs are met by imports.

Russian oil price ceiling

The G-7 nations decided on Friday to set a limit on Russia’s oil pricing in order to stop money from flowing into Moscow’s war chest and lower the price of oil for consumers.

When questioned about the price cap, Nishimura stated that he is weighing several factors:

We would like to continue working with the G-7 nations while taking into account the development of a stable crude oil market, as well as a consistent supply and security of crude oil imports to Japan.