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Japan on Monday pledged to offer $10 billion financial aid for decarbonisation projects in Asia, such as renewable energy, energy-saving and conversion to gas-fired power generation from coal-fired power to help with an energy transition.

In a virtual meeting with ASEAN energy ministers, Japan’s Minister of Economy, Trade and Industry Hiroshi Kajiyama proposed various support measures for the region, including helping each country set a realistic path towards carbon neutrality and develop a roadmap to achieve it.

“We propose the Asian Energy Transition Initiative as a package of Japanese support for realistic transitions in Asia towards carbon neutrality,” Kajiyama told the meeting, in which 10 ASEAN countries participated.

The financial support, including lending and investments from the Japanese public and private sector, will target projects to help cut carbon emissions and contribute to each country’s carbon neutral target, Takeshi Soda, director for International affairs at the industry ministry, said.

[Yuka Obayashi]

More: Japan pledges $10 billion financial support for Asia’s energy transition

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