"Japan Approves Renewable Subsidies In Shift From Nuclear Power"

"Japan approved on Monday incentives for renewable energy that could unleash billions of dollars in clean-energy investment and help the world's third-biggest economy shift away from a reliance on nuclear power after the Fukushima disaster."

"Industry Minister Yukio Edano approved the introduction of feed-in tariffs (FIT), which means higher rates will be paid for renewable energy. The move could expand revenue from renewable generation and related equipment to more than $30 billion by 2016, brokerage CLSA estimates.

The subsidies from July 1 are one of the few certainties in Japan's energy landscape, where the government has gone back to the drawing board to write a power policy after the Fukushima radiation crisis, the world's worst nuclear disaster since Chernobyl in 1986."

Yuko Inoue and Leonora Walet report for Reuters June 19, 2012.

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Source: Reuters, 06/19/2012