Japan will revise its basic strategy on hydrogen, with the aim of sharply increasing the use of the climate-friendly fuel to speed up the shift to a carbon-neutral society.

Prime Minister Kishida Fumio held a meeting of relevant cabinet ministers on Tuesday. He said that he plans to revise the strategy, drawn up six years ago, by the end of May.

The revised document is expected to call for a six-fold increase in the use of hydrogen to around 12 million tons by 2040.

Officials are also considering introducing hydrogen subsidies to cover the difference in market prices with coal and natural gas. Another idea is to develop an industrial complex that would use hydrogen on a mass scale.

To fund these measures, the revised strategy is expected to call for public and private investments worth around 15 trillion yen, or about 113 billion dollars, over the next 15 years.

Kishida said he will promote Japan's de-carbonization at a time when the United States and Europe are heavily investing in hydrogen and other renewable energy sources. He urged the ministers to work together to produce concrete results.