Mizuho allots $12.95b to finance hydrogen production

The bank noted hydrogen as “key” to decarbonisation of various sectors.

Japanese megabank Mizuho Financial Group has bookmarked JPY2t (over $12.95b) for financing the production and supply of hydrogen and related technologies by 2030.

In a press release, Mizuho noted hydrogen as a key component for decarbonization across various sectors, including power generation, transportation, and industry. 

“Despite ongoing R&D and feasibility studies in Japan and other countries, hydrogen's widespread adoption is currently hindered by issues that include, aside from the need to generate demand and reduce costs through innovation, companies’ ability to secure necessary funding,” Mizuho Financial Group stated.

“Mizuho identifies hydrogen as a key component for achieving decarbonization across various sectors. Based on this perspective, we have pursued the following initiatives to promote its extensive use in society,” it added.

Mizuho plans to focus on three areas: developing business strategies focused on hydrogen and related technologies; establishing a group-wide framework dedicated to supporting hydrogen and related technologies; and expanding 
Its pool of personnel specialized in related areas. 

Going forward, Mizuho said that it will further expand its initiatives to promote the construction of supply chains for hydrogen and related technologies.

(US$1 = JPY154.37; as of 16 May 2024, 3:49 PM)