The Japanese government targets renewables to account for 22% to 24% of Japan’s energy mix in fiscal 2030. Renewable energy is now a mainstay business of GE. The segment generates more than 10% of overall revenue and is growing faster than aviation and health care operations.
Legislation was passed late 2018 to promote offshore wind power, and rules have been drawn up to coordinate with the fisheries sector — the biggest obstacle to increasing offshore wind power business. Domestic and foreign equipment manufacturers alike are sharpening their focus on the country as a result.