Japan has drawn up plans to build the world’s largest wooden skyscraper, according to a CNBC report.

The Japanese company Sumitomo Forestry is proposing to build a 350-metre 70-storey building in Tokyo.

The new building, which is being referred to as W350 Project, will be ten percent steel, combined with 180,000 cubic metres of indigenous wood.

Sumitomo Forestry, which notes on its website that "happiness grows from trees," said it aimed to create environmentally-friendly, timber-utilizing cities which "become forests through increased use of wooden architecture for high-rise buildings."

The internal beams and braces will have a mixture of steel and wood and will be able to withstand the regular earthquakes that hit the region.

CNBC reported it will have balconies on all four sides as well as greenery from the ground to the top floor.

The project is expected to cost twice as much as a conventional skyscraper that size – coming in at approximately $5.6 billionUSD.

That figure may however be reduced as technology advances between now and 2041, when the project is scheduled to be completed.

The current tallest wooden building is a 53-metre student residence in Vancouver.

Other wooden sky scrapers are currently under proposal with a 244-metre building in Chicago being considered.