Japan to help ASEAN develop carbon capture & storage technologies

• 11 April 2022
• Local News
• 1447 Views

Japan plans for ASEAN nations to develop carbon capture and storage technologies as its vision for a zero-emissions Asian community.

According to the Nikkei Asia report, Asian economies are still reliant on cheaper but carbon-intensive coal, thus carbon capture and storage projects are highly needed to them reduce emissions.

Those technologies include carbon capture and storage as well as carbon recycling to produce chemicals and fuel.

By helping develop those technologies, Japan could also benefit from new business opportunities while contributing to a greener Asia.

“We aim to join forces with like-minded countries in Asia in creating something that can be called the ‘Asia Zero Emissions Community,'” said Japanese Prime Minister Fumio Kishida.

The Japanese private sector is already exploring commercial opportunities related to decarbonization, while the Japanese government plans to provide them with financial assistance to encourage them to launch new businesses and trials across Asia.

Japan also aims to set forth new international rules on decarbonization-related financing and train more experts to promote carbon trading between different countries.

Japan is also preparing US$10 billion funded to help ASEAN countries in this decarbonization scheme. (Read more)

• Energy and Environment