Investor Presentaiton
Green and digital will drive structural reform
in Japan
NOMURA
Impact of carbon neutrality on global employment (IMF estimate)
(Versus baseline, %)
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
-3.0
Other
Services
Renewable
Energy
All industries
Fossil fuels
Manufacturing
Construction
We saw many seeds of structural changes
during the pandemic; new work styles that we
were forced to adopt accelerated the speed of
digitalization. The birth of the Biden
administration in the US also accelerated the
trend towards carbon neutrality.
The shift to carbon neutrality is sure to be a
large scale structural shift that produces clear
winners and losers in various industries. The
keys for revitalizing Japan's economy will be
efforts by enterprises to be the winners in
these rapid structural changes and policy
efforts by the government to create as many
winners as possible in the domestic economy.
2020 2024 2028 2032 2036 2040 2044 2048 2052 (CY)
Note: IMF estimates. Envisages 80% decline in greenhouse gas emissions by 2050 driven by national and regional
policies aimed at mitigating climate change. Shows outcome of (1) phased increases in carbon taxation,
(2) green stimulus including infrastructure investment and renewables subsidies, and (3) compensatory
transfers to households. Also assumes avoidance of economic losses due to climate change.
Source: Nomura, based on IMF data
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