Japan’s Prime Minister, Fumio Kishida, has set an ambitious goal to achieve decarbonization, economic growth, and energy security in Asia. He made this pledge at a regional climate summit attended by Southeast Asian leaders. Kishida emphasized that this initiative, called the Asia Zero Emission Community (AZEC), will create a new decarbonization market in Asia that will attract global capital.
To achieve decarbonization in Asia, Kishida stated that it would require 4,000 trillion yen ($28 trillion). He also promised to establish a new organization to support AZEC countries in implementing the necessary policies for carbon neutrality.
Leaders from nine member countries of the Association of Southeast Asian Nations (except Myanmar) and Australia expressed their commitment to cooperate in achieving carbon neutrality. This summit took place one day after Japan hosted a special summit commemorating 50 years of ties with ASEAN.
As part of the AZEC initiative, Japan is offering assistance to other members with emission-cutting technologies, such as co-firing technology using ammonia or hydrogen, as well as bendable and mobile solar panels.
Kishida announced that Japan will collaborate with AZEC members in developing a decarbonization roadmap and other measures. Additionally, Japan will establish the Asia Zero Emission Center in Indonesia to provide support in funding, technology, and human resources.
Japan has already achieved a 20% reduction in emissions and is on track to reach the targeted 46% reduction by 2030. The country aims to achieve net-zero emissions by increasing the use of renewables, utilizing nuclear power, and implementing other measures.
However, Japan has faced criticism from environmental groups for not setting a timeline to phase out fossil fuels. In response, Kishida made a clear commitment at the COP28 summit in Dubai to end new construction of unabated coal-fired power plants in Japan.
Furthermore, Kishida pledged that Japan will issue the world’s first government transition bond with international certification. The country aims to fund 20 trillion yen ($135 billion) over the next decade to promote private sector investment worth 150 trillion yen ($1 trillion).
In addition to these efforts, Japan will contribute to expanding lending capacity by approximately $9 billion through credit enhancements to the World Bank and the Asian Development Bank. Japan will also make a separate contribution to the new fund of the African Development Bank, according to Kishida.
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Associated Press video journalist Ayaka McGill contributed to this report.