U.S. Green Policy Helps Turn Hardship Into Chance: Nippon Oil Exec

Friday, May 22, 2009

TOKYO (Nikkei)--The Green New Deal advocated by U.S. President Barack Obama is a policy that turns hardship into business opportunity, said Ikutoshi Matsumura, executive vice president of Nippon Oil Corp. (5001) at the annual Future of Asia conference here Thursday.

Environmental issues such as waste disposal used to be considered liabilities by businesses, but now the field is seen as a potential source of profits, and even cutting carbon dioxide emissions is now seen as having economic value, he said.

Matsumura also pointed out the green policy's synergy with the employment situation. The U.S. government is pumping 150 billion dollars into the initiative, aiming to generate 5 million new jobs, while Japan has included 1.6 trillion yen in a supplementary budget for a "low carbon revolution," a move expected to create jobs here, he noted.

Titles of speakers, names of companies, etc., were correct as of the time when the forum was held.