Transforming a well-established carbon-dependent growth model into a decarbonized one is a challenge that requires a concerted effort, and the Bank of Japan will play its part, Gov. Haruhiko Kuroda said Wednesday.
In a speech during a virtual meeting of Japanese and U.S. business leaders, Kuroda stressed the need to act now rather than later as climate change may have an "extremely large" impact on the economy.
"Considering that this carbon-dependent growth model was established over the past three centuries, transforming the model into a decarbonized one in less than three decades is a challenging task," Kuroda said of the goal to achieve carbon neutrality by 2050.