Japan Sets New 2035 Emissions Cut Goal 

A chimney is seen at the Keihin Industrial Zone as Mount Fuji (background L), Japan's highest mountain at 3,776 meters (12,388 feet), looms in the background as viewed from the observation deck of Kawasaki Marien in Kawasaki on January 24, 2022. (AFP)
A chimney is seen at the Keihin Industrial Zone as Mount Fuji (background L), Japan's highest mountain at 3,776 meters (12,388 feet), looms in the background as viewed from the observation deck of Kawasaki Marien in Kawasaki on January 24, 2022. (AFP)
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Japan Sets New 2035 Emissions Cut Goal 

A chimney is seen at the Keihin Industrial Zone as Mount Fuji (background L), Japan's highest mountain at 3,776 meters (12,388 feet), looms in the background as viewed from the observation deck of Kawasaki Marien in Kawasaki on January 24, 2022. (AFP)
A chimney is seen at the Keihin Industrial Zone as Mount Fuji (background L), Japan's highest mountain at 3,776 meters (12,388 feet), looms in the background as viewed from the observation deck of Kawasaki Marien in Kawasaki on January 24, 2022. (AFP)

Japan Tuesday pledged to slash greenhouse gas emissions by 60 percent in the next decade from 2013 levels but climate campaigners said the target fell short of what was needed under the Paris Agreement to limit global warming.

Under the Paris accord, each country is supposed to provide a headline figure to the United Nations for cutting heat-trapping emissions by 2035, and a detailed blueprint for how to achieve this.

Japan is heavily dependent on imported fossil fuels as the world's fifth largest single-country emitter of carbon dioxide after China, the United States, India and Russia.

On Tuesday Tokyo's environment ministry said the country would slash emissions 60 percent by the 2035 fiscal year.

The world's fourth-largest economy also aims to cut emissions by 73 percent by fiscal 2040 as part of its new Nationally Determined Contribution (NDC) -- a voluntary pledge to be submitted to the UN later on Tuesday.

Nearly 200 nations had been required to deliver their fresh climate plans by February 10 but just 10 did so on time, according to a UN database tracking the submissions.

The Japanese ministry said Tuesday that its "ambitious targets (are) aligned with the global 1.5 degree Celsius goal and on a straight pathway towards the achievement of net zero by 2050".

But Masayoshi Iyoda from international environmental group 350.org noted that scientists say an emissions cut of 81 percent by 2035 is needed for Japan to honor its commitments to the 1.5 degree objective.

"This is a major failure in Japan's attempt to transition to a future of renewable energy that is fair and just," he told AFP.

Kazue Suzuki of Greenpeace Japan also said the new target was "far too low", calling for a 78 percent reduction given "our responsibility as an industrially advanced country".

- Renewable future? -

UN climate chief Simon Stiell has called the latest round of national pledges "the most important policy documents of this century".

Yet just a handful of major polluters handed in upgraded targets on time, with China, India and the European Union the biggest names on a lengthy absentee list.

There is no penalty for submitting late targets, which are not legally binding but act as an accountability measure to ensure countries are taking climate change seriously and doing their fair share toward achieving the Paris goals.

In 2016, Japan committed to a 26 percent reduction in emissions by 2030. It strengthened this in 2021 to 46 percent by 2030 compared to 2013 levels.

The Japanese government also on Tuesday approved its latest Strategic Energy Plan -- which includes an intention to make renewables the country's top power source by 2040.

Nearly 14 years after the Fukushima disaster, Japan also sees a major role for nuclear power to help it meet growing energy demand from AI and microchip factories.

So a previous pledge to "reduce reliance on nuclear power as much as possible" was dropped from the new plan.

A draft plan released in December had said Japan would jointly promote renewable energy and hydrogen fuel with its ally the United States.

But after President Donald Trump pulled Washington out of the Paris Agreement last month, mentions of a US-led clean economy framework were deleted.

"We've made certain tweaks" following Trump's announcements, an industry ministry official told reporters Monday.

But "it doesn't mean Japan's broader efforts towards a 'green transformation' will be changed significantly", he said.

Nearly 70 percent of Japan's power needs in 2023 were met by power plants burning coal, gas and oil -- a figure Tokyo wants to slash to 30-40 percent over the next 15 years.

Almost all these fossil fuels must be imported, at a cost of around $470 million per day according to Japanese customs.

Under the new plans, renewables such as solar and wind are expected to account for 40-50 percent of electricity generation by 2040.



India Turns to Latin American, African Oil After Hormuz Disruption

 A worker holds a nozzle to pump fuel in a vehicle at a petrol pump in New Delhi, India, May 19, 2026. (Reuters)
A worker holds a nozzle to pump fuel in a vehicle at a petrol pump in New Delhi, India, May 19, 2026. (Reuters)
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India Turns to Latin American, African Oil After Hormuz Disruption

 A worker holds a nozzle to pump fuel in a vehicle at a petrol pump in New Delhi, India, May 19, 2026. (Reuters)
A worker holds a nozzle to pump fuel in a vehicle at a petrol pump in New Delhi, India, May 19, 2026. (Reuters)

Indian refiners turned to imports from Latin America and Africa after supplies from the Middle East were disrupted as the Israeli-US war on Iran restricted shipping in the Strait of Hormuz, data provided by trade sources show.

Refiners in the world's third-largest oil importer and consumer bought most of their crude from the nearby Middle East until the war broke out at the end of February.

In April and May, Indian refiners raised imports ‌from Venezuela, Brazil, Angola ‌and Nigeria to make up the shortfall, as well ‌as ⁠continuing to buy ⁠Russian oil, preliminary data from Kpler show.

Last month, India skipped purchases from Iraq as exports were halted, while it received Iranian oil after a gap of seven years following a temporary waiver granted by Washington to help stabilize global oil prices.

New Delhi reduced imports from Russia by about 29.4% from March to 1.6 million barrels per day as Nayara Energy shut its 400,000-bpd ⁠refinery for maintenance, the data showed.

However, in May, ‌India is due to get about ‌1.9 million bpd of Russian oil and about 41,000 bpd of Iraqi oil, preliminary data ‌from Kpler showed.

Overall, India imported 4.57 million bpd oil in ‌April, unchanged from March, but down 15.5% from a year earlier, the data showed.

Imports from the United Arab Emirates rebounded in April to 669,700 bpd from 230,600 bpd in March while intake of Saudi Arabian oil stayed at about 619,500 bpd, ‌the data showed.

The UAE and Saudi Arabia are the only Gulf producers with pipelines that export crude bypassing ⁠the Strait ⁠of Hormuz, while Kuwait, Iraq, Qatar, and Bahrain rely on the waterway for shipments.

The share of the Organization of the Petroleum Exporting Countries, including the UAE as its member during the month, in India's imports rose to 45.2% in April from about 30% in March, the data showed. The UAE exited OPEC in May.

Higher imports from the UAE helped arrest a decline in the Middle East's share of India's imports, while the share of Russian oil declined to about 35% from nearly 50%.

Russia remained India's top oil supplier, followed by the UAE and Saudi Arabia. Brazil was the fourth-largest supplier, while Venezuela ranked fifth. Venezuela is on course to become the fourth-largest supplier in May, Kpler data showed.


Asian Shares Mostly Gain and Oil Prices Fall After Trump Says Peace Talks on Iran War Are Proceeding

 People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 25, 2026, in Tokyo. (AP)
People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 25, 2026, in Tokyo. (AP)
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Asian Shares Mostly Gain and Oil Prices Fall After Trump Says Peace Talks on Iran War Are Proceeding

 People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 25, 2026, in Tokyo. (AP)
People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 25, 2026, in Tokyo. (AP)

Asian shares mostly rose Monday and oil prices plunged after US President Donald Trump said talks on ending the war with Iran are progressing.

Japan's benchmark Nikkei 225 surged 2.8% to 65,130.03. Australia's S&P/ASX 200 added 0.4% to 8,692.00. The Shanghai Composite gained 0.8% to 4,143.97.

Trading was closed in South Korea and Hong Kong for local holidays. Markets will be closed in the US on Monday for Memorial Day.

Trump said negotiations with Iran were “proceeding in an orderly and constructive manner.” Meanwhile, regional officials told The Associated Press on Sunday that the United States is close to reaching a deal with Iran that would end the war, reopen the Strait of Hormuz and see Iran give up its stockpile of highly enriched uranium,

Reopening the Strait of Hormuz will help decide the direction of oil prices. The closure has prevented oil tankers from exiting the Gulf and delivering crude to customers worldwide. Japan, for instance, imports almost all its oil, most of it through the strait.

“Markets are rapidly transitioning from pricing geopolitical fear toward pricing a potential peace dividend as Hormuz reopening expectations pressure oil and the dollar lower,” analyst Stephen Innes said in a commentary.

Early Monday, benchmark US crude was down $5.52 at $91.08 a barrel. Brent crude, the international standard, sank $5.56 to $97.08 a barrel.

In currency trading, the US dollar declined to 158.91 Japanese yen from 159.16 yen. The euro cost $1.1639, up from $1.1605.

Friday on Wall Street, stocks finished their eighth straight winning week, the best such streak since 2023. That’s even though a survey showed US consumers are feeling even worse about the economy than before.

The S&P 500 added 0.4% and pulled closer to its all-time high set in the middle of last week. The Dow Jones Industrial Average rose 0.6%, and the Nasdaq composite gained 0.2%.

Recent earnings reports from US companies that topped analysts’ expectations also helped markets. But worries about inflation have pushed bond yields higher worldwide.

The yield on the 10-year Treasury edged down to 4.56% Friday from 4.57% late Thursday, but it remains well above its 3.97% level from before the war.


Vessels Carrying Middle East Oil, LNG Exit Hormuz, Head for Pakistan, China

Vessels in the Strait of Hormuz, Iran, May 22, 2026. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Vessels in the Strait of Hormuz, Iran, May 22, 2026. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
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Vessels Carrying Middle East Oil, LNG Exit Hormuz, Head for Pakistan, China

Vessels in the Strait of Hormuz, Iran, May 22, 2026. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Vessels in the Strait of Hormuz, Iran, May 22, 2026. Majid Asgaripour/WANA (West Asia News Agency) via Reuters

Two liquefied natural gas tankers are exiting the Strait of Hormuz on Monday, heading to ‌Pakistan and China, while a supertanker with Iraqi crude for China left the Gulf on Saturday after being stranded for nearly three months, shipping data showed.

The US-Israeli war on Iran that began on February 28 has severely curtailed shipping through the Strait of Hormuz, through which around one-fifth of the world's supply of oil and LNG normally flows.

The vessels are among a handful of supertankers exiting the Gulf this month via a transit route ⁠that Iran has ordered ships to use. Last week, three Very Large Crude Carriers (VLCCs) made their way to China and South Korea with 6 million barrels of crude, according to Reuters.

LNG tanker Fuwairit is crossing the Strait of Hormuz on Monday and is expected to discharge its cargo in Pakistan on Tuesday, shipping data on LSEG and Kpler showed. The vessel, sailing under the Bahamas flag, loaded LNG at Qatar's Ras Laffan port around March 28.

Separately, the VLCC Eagle Verona, which exited the strait on Saturday, is expected to reach Ningbo port in eastern China on June 12 to discharge its cargo, ⁠shipping data on LSEG and Kpler showed.

The Singaporean-flagged vessel chartered by Unipec, the trading arm of Asia's largest refiner, Sinopec, loaded nearly 2 million barrels of Basrah crude around February 26, according to the data.

The Eagle Verona was among seven ships Malaysia had sought ⁠permission from Iran to transit, two sources earlier told Reuters. Five of the ships have since exited the waterway, while two more remain in the Gulf.

Before the war began, shipping traffic through the strait averaged 125 to 140 daily passages. Some 20,000 seafarers remain stranded inside the Gulf on board hundreds of ships.