The Japan Bank for International Cooperation (JBIC) stands firm in its commitment to contributing to solutions for global challenges, particularly in achieving carbon neutrality and addressing social issues, the Bank's Governor Nobumitsu Hayashi stated at the event titled "Challenges and Achievements" event held within the framework of COP29, Report informs.
According to the governor, in contrast to European banks, JBIC is one of the few institutions that provide financial support for natural gas projects, both in extraction and transportation.
Hayashi emphasized that Asia feels the need for natural gas more acutely, and projects in this field continue to receive consistent support. He underlined that simultaneously, special attention is given to ensuring that these projects adhere to cleaner, green energy requirements.
"Last year, at COP28, we committed to allocating $3 billion in green finance funds to a National Oil and Gas Company that has set a zero-carbon target for 2045 and is making efforts to develop renewable energy, hydrogen, and ammonia," Hayashi revealed. "Our green financing will support these endeavors."
Hayashi highlighted three key areas of focus for green financing: “The first of them is low-carbon technologies. Japanese companies offer advanced solutions such as carbon capture and storage (CCS), methane monitoring, and zero gas flaring technologies, presenting vast potential for collaboration.”
The second one is renewable energy. Japan closely cooperates with partners from Europe, the US, and the Middle East to implement innovative projects on alternative energy fuels like methane, hydrogen, and ammonia.
The third one is energy supply. Japan acts as a bridge between energy suppliers and importers, supporting the financing of energy projects.”
Emphasizing the importance of changes in the fight against climate change, Hayashi expressed hope that the COP29 meeting would provide an additional impetus for taking real steps towards a sustainable future.