Japan spurs $2B investment in renewables

Over $2 billion of investment.

Japan's subsidies for renewable power suppliers has led to this amount after they were launched two months ago.

The Japanese government believes the extra investment is only a fraction of what could be a $640 billion spending boom by 2030 as Japan tries to phase out nuclear energy.

The report said the increased investment is a result of companies and homeowners trying to profit from an anti-nuclear energy policy following last year's Fukushima crisis.

Solar, wind, geothermal, biomass and water power will be called upon to cover up the void left by nuclear power.

A renewable energy law that came into effect on July 1 requires utilities such asTokyo Electric Power Co and Kyushu Electric Power Co to buy electricity from renewable sources at pre-set premiums for up to 20 years.

Taking advantage of those premiums are families installing solar panels on their homes to sell power to utility grids, and businesses across the economy buying into the market.

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