Kishida vows $10 billion in assistance to decarbonize Asia

Pool via REUTERS
Prime Minister Fumio Kishida speaks during the U.N. Climate Change Conference (COP26) in Glasgow on Tuesday.

GLASGOW — Prime Minister Fumio Kishida pledged Tuesday to provide up to $10 billion (about ¥1.14 trillion) in new aid over the five years until 2025 for decarbonization efforts mainly in Asia during his speech at a U.N. climate change summit in Glasgow.

Speaking at the summit-level meeting of the 26th Conference of the Parties to the U.N. Framework Convention on Climate Change (COP26), Kishida also emphasized Japan’s commitment to reducing its own greenhouse gas emissions. He reiterated the goal of reducing greenhouse gas emissions by 46% by fiscal 2030 compared to the fiscal 2013 level.

Kishida said Japan would then go on to strive for the 50% mark, on its way to achieving net-zero emissions by 2050.

Kishida also said, “Japan will provide up to $10 billion in the coming five years” in additional assistance to reduce emissions mainly in Asia.

This would go toward fulfilling a 2009 commitment by developed countries to provide developing countries with an annual total of $100 billion in climate-related assistance by 2020.

In contributing to that goal, Japan has already announced its intention to provide about a total of $60 billion in public and private assistance over the years from 2021 to 2025. The aid announced by Kishida this time will bring the total to about $70 billion.

In particular, the government will encourage the introduction of renewable energy through official development assistance and private sector investment supported by the government.

Regarding thermal power generation, Kishida said, “Converting existing thermal power generation into zero-emission power generation is a necessary path,” referring to a leading project in Asia worth $100 million to switch from using fossil fuels for electricity generation to instead using ammonia and hydrogen, which emit no carbon dioxide when burned.