Japan is set to subsidize half the costs of lithium and other critical minerals projects, according to a report by Reuters. The Japanese government has reportedly been in talks with the private sector to secure supplies of lithium, cobalt, and other metals used in electric vehicle batteries. The government is said to be offering subsidies of up to 50 percent of the costs of projects to secure these minerals.
The move is part of Japan’s efforts to reduce its reliance on foreign sources of supply and ensure a steady supply of critical minerals for its industry. The country is particularly concerned about securing a steady supply of lithium, which is used in the production of electric vehicle batteries.
Japan is currently the world’s third-largest producer of electric vehicles, behind China and the United States. The country is aiming to reduce its dependence on foreign sources of supply for lithium and other critical minerals.
The government is said to be offering subsidies of up to 50 percent of the costs of projects to secure lithium, cobalt, and other metals used in electric vehicle batteries. The subsidies are expected to cover the costs of research and development, as well as the costs of acquiring the minerals.
The government is reportedly in talks with several companies, including Mitsubishi Materials Corporation, Sumitomo Corporation, and Mitsui & Co., Ltd., regarding the subsidies. The move is part of Japan’s efforts to reduce its reliance on foreign sources of supply and ensure a steady supply of critical minerals for its industry. The country is particularly concerned about securing a steady supply of lithium, which is used in the production of electric vehicle batteries.
The move is also part of Japan’s efforts to reduce its carbon emissions and promote the use of renewable energy sources. The country is aiming to reduce its dependence on fossil fuels and shift to renewable sources of energy.
The subsidies are expected to help Japan secure a steady supply of critical minerals, which are essential for the production of electric vehicles and other technologies. The move is also likely to help the country reduce its reliance on foreign sources of supply and ensure a steady supply of critical minerals for its industry.
