Finance, Industrial, Sourcing Renewables  -  May 17, 2024

Mizuho Financial Group to Provide JPY 2 Trillion for Hydrogen Production

Mizuho Financial Group, Inc. seeks  to provide JPY 2 trillion in financing for the production and supply of hydrogen and related technologies by 2030. 

This goal reflects the need for growth in funding hydrogen technology, according to a statement by President and Group CEO Masahiro Kihara.

According to the statement, hydrogen's widespread adoption is currently hindered by the ability to secure necessary funding by companies. 

As outlined in the Mizuho Sustainability Focus 2023 report, entitled "Sustainability: Path to industrial competitiveness," hydrogen is a key component for achieving widespread decarbonization across various sectors, including power generation, transportation and industry.

Mizuho seeks to offer JPY 2 trillion in financing for the production and supply of hydrogen and related technologies by 2030. 

The financial service company will focus on three key areas: (1) Developing business strategies focused on hydrogen and related technologies, (2) Establishing a group-wide framework dedicated to supporting hydrogen and related technologies, and (3) Expanding its pool of personnel specialized in related areas. Going forward, the company will further expand its initiatives to promote the construction of supply chains for hydrogen and related technologies.