May 28, 2021 Read More →

Japan establishes $10 billion investment and loan bank for ASEAN

Nikkei Asia ($):

Japan is preparing to launch a new initiative aimed at helping the 10-member Association of Southeast Asian Nations cut greenhouse gas emissions and realize a decarbonized society.

Tokyo will take the lead in compiling a road map to decarbonization, set up a public and private investment and loan facility of $10 billion, and encourage development of renewables and stronger energy conservation measures, government sources said.

The move comes as Japan seeks to contribute to global decarbonization efforts while helping maintain growth in emerging economies in Southeast Asia and elsewhere.

Japan’s Ministry of Economy, Trade and Industry (METI) is making arrangements to reach an agreement on the new initiative with the ASEAN nations by holding a meeting of Japanese and ASEAN economic and energy ministers in June, the sources said.

Major developed countries — including Japan, the U.S. and South Korea, as well as those in Europe — have declared their commitment to achieve net zero greenhouse gas emissions by 2050.

[Juntaro Arai]

More: ASEAN to receive $10bn decarbonization support from Japan

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