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    Impact of Fukushima Nuclear Disaster on Oil-Consuming Sectors of Japan

    Taghizadeh-Hesary, Farhad; Yoshino, Naoyuki; Rasoulinezhad, Ehsan | February 2017
    Abstract
    The Fukushima Daiichi nuclear disaster was an accident at the Fukushima I Nuclear Power Plant in Fukushima, Japan, which resulted primarily from the tsunami following the Tohoku earthquake on 11 March 2011, and which led to year-long nuclear shutdown in the country. During the shutdown, Japan substituted fossil fuels for nuclear power and became more dependent on import and consumption of fossil fuels including oil, gas, and coal. In this paper, we try to shed light on the elasticity of oil consumption to crude oil price before and after the Fukushima disaster in Japan’s various economic sectors. To do so, we apply a cointegration analysis and perform a vector error correction (VEC) variance decomposition by using quarterly data in two separate subperiods from Q1 1981 to Q4 2010 and from Q1 2011 to Q4 2015. Our findings reveal that the absolute value of elasticities of oil consumption by some economic sectors, such as the industry, non-energy, and transportation sectors to oil prices, has reduced after the disaster because of increased dependency on oil consumption, which endangered energy security in the country. To raise energy self-dependency and energy security, Japan needs to diversify its energy supply resources. For instance, the share of renewable energy in Japan’s energy basket needs to increase. Because renewable energy projects are mainly considered risky and banks are reluctant to finance them, we introduce an innovative form of financing these projects: Hometown Investment Trust Funds, which has been introduced and applied in Japan and other parts of Asia.
    Citation
    Taghizadeh-Hesary, Farhad; Yoshino, Naoyuki; Rasoulinezhad, Ehsan. 2017. Impact of Fukushima Nuclear Disaster on Oil-Consuming Sectors of Japan. © Asian Development Bank Institute. http://hdl.handle.net/11540/8667.
    Keywords
    Commercial Energy
    Energy Economics
    Energy Technology
    Household Energy Consumption
    Industrial Energy Consumption
    Primary Energy
    Results-Based Monitoring And Evaluation
    Project Evaluation & Review Technique
    Evaluation Techniques
    Evaluation Methods
    Evaluation Criteria
    Domestic Energy
    Energy Demand
    Energy Prices
    Energy Pricing Policy
    Energy Supply
    Primary Energy Supply
    Development Indicators
    Social Participation
    Low Income Groups
    Income Generation
    Newly Industrializing Countries
    Input output analysis
    Cost benefit analysis
    Needs assessment
    Economic evaluation
    Energy Industries
    Energy planning
    Alternative energy technology
    Project impact
    Program management
    Project appraisal
    Electric power
    Energy development
    Power supply
    Electric power consumption
    Price
    Consumer
    Consumption
    Supply and demand
    Electric power plant
    Power
    Renewable energy source
    Renewable energy resource
    Energy conservation
    Energy policy
    Participatory monitoring and evaluation
    Participative management
    Energy consumption
    Risk assessment
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    Citable URI
    http://hdl.handle.net/11540/8667
    Metadata
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    Author
    Taghizadeh-Hesary, Farhad
    Yoshino, Naoyuki
    Rasoulinezhad, Ehsan
    Theme
    Energy
    Evaluation
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise