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Japan has laid out a plan on May 19 to issue JPY20tr (USD157bn) in green transition bonds to accelerate its transition to carbon neutrality, as reported by Reuters on the same day. Details of the green transition bonds will undergo further discussion later this year. In addition, the government will create a 10-year road map for promoting green investment in the country, which will include financial aid and infrastructure building. In a meeting on Japan’s clean energy strategy, Japan’s Prime Minister Fumio Kishida stated that the country would need to mobilize at least JPY150tr (USD1.18tr) of investments from both public and private sectors in the coming decade in order to achieve carbon neutrality.
The issuance of green transition bonds is also motivated by Japan’s energy security concerns, as the Russia-Ukraine conflict and resulting energy crisis highlight the country’s heavy reliance on imported fuel. Public financing institutions in Japan have funneled USD4.8bn towards fossil fuel projects in Russia from 2018 to 2020, making the country the largest provider of public finance for Russian fossil fuels among G20 countries. The island nation has committed to reducing greenhouse gas emissions by 46% by 2030 and reaching net-zero by 2050. Last year, it has also announced plans to double the share of renewable energy in its energy mix by 2030.
Sources:
https://energytracker.asia/the-west-divests-while-japan-continues-financing-russian-fossil-fuels/
