Japan offering $10 billion financial support for renewables, LNG in ASEAN

Japan has offered $10 billion financial support for renewables and LNG import projects in ASEAN, as part of a move to help 10 Southeastern Asian economies with energy transition.

Japan’s Minster of Economy, Trade and Industry Hiroshi Kajiyama proposed various support measures during a virtual meeting on Monday with ASEAN energy ministers, according to a METI statement.

“In light of the unprecedented challenges due to the Covid-19 pandemic, the
meeting recognised the urgency of addressing sustainable post-pandemic recovery
and affirmed the importance of energy transitions towards sustainable development,” the statement said.

During the meeting, Kajiyama proposed Japan’s ‘Asia Energy Transition Initiative (AETI)’, which includes a wide range of support for energy transitions in ASEAN, such as $10 billion financial support, technology development and deployment support.

The projects would include building gas-fired power plants and LNG import terminals.

It also includes human resource development through various training workshops, studies and reports, and knowledge sharing activities such as the proposed Asia CCUS Network, and studying the details of the ‘Asia Energy Transition Finance’ concept, the statement said.

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