Japan's capital Tokyo is setting out on an elaborate project to create a mini-city on uninhabited land in the middle of a bay, according to a Bloomberg report.
The project, called Tokyo Bay eSG, will aim to develop a city on the principles of "environmental and social governance".
The futuristic city, while seeking to create a sustainable atmosphere, will also look to further Japan's global competitiveness.
“The challenge is to build a city that will be strong against the crises we face,” Manabu Miyasaka, Tokyo's a deputy governor, told Bloomberg.
"ESG" in the project's name also signifies"ecology, economy, epoch-making", the official added.
Trials for the project could begin as early as next year. The project is due to finish in 2050, according to the World Economic Forum.
Soon, the administration of Tokyo will ask companies to come run start pilot projects at the location. The focus will be on clean energy generation and reducing greenhouse emissions and traffic jams.
Miyasaka spoke to Bloomberg about how the project would serve as a global example.
“Technology is moving away from being used in the purely digital world, to physical spaces. Cities will battle to become places to develop such new technologies, and the project could become a template for other urban centres,” he was quoted as saying by Bloomberg.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!