By Koichi Kuranuki
Yomiuri Shimbun Senior Writer
Mizuho Financial Group Inc. aims to identify "winning strategies" for Japan's industries to enhance their competitiveness while addressing decarbonization issues pragmatically, said Yasuhiko Ushikubo, a senior managing executive officer of the company, during an interview with The Yomiuri Shimbun.
"There is a growing awareness in questioning whether it is enough to pursue decarbonization alone," Ushikubo said, pointing out that the international community is shifting toward a realistic approach to decarbonization that does not hinder economic growth. The following is excerpted from the interview.
The Yomiuri Shimbun: During the past few years, the approach to decarbonization has been changing globally. What are your views on it?
Yasuhiko Ushikubo: I think there is a growing awareness in questioning whether it is enough to pursue decarbonization alone. We need to consider how to balance (decarbonization efforts) with economic growth, taking into account regional characteristics such as respective industrial structures. The importance of a pragmatic approach of transitioning to decarbonization, which Japan has advocated, is now being recognized in Europe and the United States as well.
For Japan, it is impossible to achieve a decarbonized society with its current industrial structure. Therefore, (Mizuho) is not just aiming to examine individual companies in certain industries such as steel and automobiles. We are also considering what needs be done now by thinking first about what the nation's industries as a whole should be in the future.
Yomiuri: What role will Mizuho play?
Ushikubo: We intend to draw up a comprehensive design for Japanese industries in 2050 and identify which winning strategies they need to enhance their competitiveness. We consider steel, chemical and electric power industries as particularly important in that they cannot survive as industries unless they achieve decarbonization.
Speaking about the steel industry, technical hurdles are high for introducing hydrogen deduction steelmaking that would achieve decarbonization. Until (the technology becomes widely available), it is realistic to employ a mass balance method. This means companies partially use fuel and raw materials that contribute to decarbonization and sell "green steel" products based on the extent of their use. Mizuho will support this not only through financing for capital investment but also by connecting the public and private sectors regarding measures to create demand for green steel.
For Japanese industries to survive, it is essential that electricity be supplied in a stable manner with its costs kept down. As for nuclear power, (the industry) is going to enter a phase of constructing new (reactors). As a megabank, we must cooperate with the government to provide financial support. However, 19% seems to be the limit (for nuclear power) in the nation's energy mix in 2050.
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This article is from The Yomiuri Shimbun. Neither Dow Jones Newswires, MarketWatch, Barron's nor The Wall Street Journal were involved in the creation of this content.
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January 18, 2026 23:35 ET (04:35 GMT)
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