The Japanese government on Monday pledged to offer $10 billion financial aid to support the energy transition in Asia. The projects that will be eligible for the aid include renewable energy, energy-saving, and replacement of coal-fired power generation with natural gas-fired power. Japan’s Minister of Economy, Trade, and Industry Hiroshi Kajiyama presented the Asian Energy Transition Initiative to ASEAN leaders in a virtual meeting on Monday.
The initiative will come in a package that includes lensing, investments, and assistance to develop a roadmap to achieve realistic carbon-neutrality targets. ASEAN public and private sectors can apply for the aid to develop projects to help reduce carbon emissions and contribute to each country’s climate goals. These projects include the construction of gas-fired power plants and LNG import terminals to shift from coal.
