INTERVIEW: JBIC to Support Asia's Decarbonization

Tokyo, Oct. 25 (Jiji Press)--The government-affiliated Japan Bank for International Cooperation, or JBIC, will help Asian countries shift toward a decarbonized society in stages by taking into account their regional characteristics, JBIC Governor Nobumitsu Hayashi has said. "Asian countries need to lower the weight (of fossil fuel) while using coal and natural gas," Hayashi said in a recent interview with Jiji Press. "We need to support those efforts." With prices in natural resources surging in the wake of Russia's invasion of Ukraine, Hayashi said the importance of the bank's support to Asian countries is growing not only as a measure to fight climate change but also in terms of energy security. JBIC is financing a project to construct an environment-friendly coal-fueled thermal power plant in Vietnam, jointly with entities including private financial institutions. Hayashi said JBIC is considering offering support to help the plant convert to ammonia and hydrogen in the future. JBIC this month concluded a contract to provide 130 billion yen in loans to Jera Co., an energy company created by Tokyo Electric Power Company Holdings Inc. <9501> and Chubu Electric Power Co. <9502>, to help it import liquefied natural gas. The bank will continue offering assistance to the company if necessary so that fuel can be procured stably, Hayashi said. END