The Japan-Texas Energy Outlook: Crisis to Cooperation | 2021 Japan Currents Houston Conference

In March 2011, Japan’s energy needs were suddenly transformed when the massive Tohoku earthquake and subsequent tsunami led to a meltdown at the Fukushima Daiichi nuclear power plant. In the wake of the disaster that sparked the country’s worst energy crisis in the post-war period, Japan shut down its nuclear power plants and Texas shale gas and LNG helped compensate for the loss.
Now, ten years after the Fukushima nuclear accident, as the coronavirus pandemic threatens LNG imports, Japan finds itself in the midst of another energy crisis. Low LNG inventories coupled with colder-than-expected weather has spurred gas demand in Japan and caused The Japan-Korea Marker, North Asia’s spot LNG benchmark, to jump to an all-time high.
With the Japan’s post-Fukushima vulnerability further exposed by COVID-19 and the Suga administration committing to a net zero target by 2050, what is the longer-term perspective for energy producers and consumers alike? How is Japan going to diversify its portfolio to meet its enhanced demands for energy security? Will public investment focus on “green energy” or will the pressure of high unemployment and vast public debts lead to other priorities? What are key areas for ongoing Texas-Japan collaboration, bilaterally and in leading change globally?