Tokyo: A group of financial institutions from Japan and other parts of the world has drawn up guidelines for financing the introduction of facilities and equipment needed for energy shifts in Asian countries aiming for decarbonization.

The transition finance guidelines were presented to a session of the Asia Green Growth Partnership Ministerial Meeting in Tokyo on Monday.

The forum brings together ministers from Japan and other Asian countries, and Middle East nations for discussions on ways to pursue carbon neutrality and economic growth at the same time.

Featuring the principle of seeking “just and orderly” energy shifts in accordance with the characteristics of each region, the guidelines call on financial institutions to support phased and realistic transition to decarbonization while taking into account that Asian countries have many coal-fired power plants that still have many years until the end of their operating lives.

While stopping short of seeking uniform reductions in carbon dioxide emissions, the group, made up of financial institutions from Asia, including Japan’s Mitsubishi UFJ Financial Group Inc. <8306>, and from the United States and Europe, call for consideration for consistency with decarbonization plans set up by the governments of countries receiving financial assistance.

Japan’s industry ministry has designated the period from Monday to Oct. 7 as the Tokyo GX Week, during which a total of 10 international meetings on energy and environmental issues would be held at venues in the Japanese capital or online.

GX means green transformation.

JIJI Press