Leaders of Japan, Australia and ASEAN countries have adopted a joint statement on measures to accelerate decarbonization in Asia over the next 10 years.
The meeting of the Asia Zero Emission Community was held on the sidelines of the ASEAN summit with Myanmar being the only ASEAN member not to attend.
As of last year, Asian nations, including China and India, emitted about 60 percent of global CO2 emissions. Their energy consumption has been increasing as their economies develop.
Japan’s prime minister chaired the meeting. Ishiba Shigeru said that it is essential to secure economic growth in Asia as the world’s growth engine, but at the same time, measures against climate change are an urgent issue for all of humanity.
The attending countries agreed on the action plans.
One is creating a system to visualize greenhouse gas emissions in an entire supply chain to evaluate companies’ activities. Another is promoting measures to decarbonize emission-heavy sectors, such as power generation and transportation.
On Wednesday, Japan Bank for International Cooperation signed a deal of up to 150 million US dollars to support renewable energy and electricity grid projects in Vietnam. JBIC says it will provide a loan in line with the Asia Zero Emission Community concept.
Vietnam aims to achieve net-zero emissions by 2050.
Ogawa Kazunori, Managing Executive Officer of Japan Bank for International cooperation, says that the promotion of renewable energy sources should be accompanied by the development of power grids. He added that they are two sides of the same coin and that JBIC is pleased to be able to support Vietnam’s efforts.
Ogawa also said that JBIC hopes to continue to help Vietnam in various ways while thoroughly understanding its needs.