Japan International Cooperation Agency (JICA) will participate as a founding member of the Asia GX Consortium, which was officially launched on October 2.
The Consortium will develop a practical common approach based on examples of investments and loans, and study methods to promote transition finance, which is finance for transition toward decarbonization, in Asia, including Japan, and especially in the ASEAN region. The framework is designed to develop a common practical approach based on examples of investments and loans, and to study methods to promote it. The inaugural members are Japan’s Financial Services Agency (FSA), the ASEAN Capital Markets Forum (ACMF), the Working Committee on ASEAN Capital Markets Development (WC-CMD), the Glasgow Finance Alliance (GFANZ), the Mizuho Financial Group (MHFG), the Mitsubishi UFJ Financial Group (MUFG), the Sumitomo Mitsui Financial Group (SMFG), the Mizuho Financial Group, Inc. Financial Group (SMFG), Development Bank of Japan (DBJ), Japan Bank for International Cooperation (JBIC), and JICA.
Prior to the official establishment, a technical meeting was held to discuss the importance of mobilizing funds for transitions in Asia, the role of blended finance combining public and private funds, and implementation in Asia. Based on these discussions, a “High Level Meeting of the Asia GX Consortium” was held during the “Japan Weeks” event to strengthen communication with foreign investors, etc., and the consortium was officially established. In Asia, which is experiencing high economic growth, it is important to support economic growth and at the same time aim for decarbonization, and it is hoped that discussions in the Asia GX Consortium will contribute to the realization of this goal.
JICA has been cooperating with Asia in various aspects through financial and technical cooperation projects. Based on this support, JICA will further contribute to the transition toward carbon neutrality/net zero emissions in the Asian region and promote the Asian Zero Emission Community (AZEC).
The Asian Zero Emissions Community (AZEC) is a framework for cooperation toward carbon neutrality/net zero emissions in the region, involving 11 AZEC partner countries (Australia, Brunei, Cambodia, Indonesia, Japan, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam). A framework for cooperation.
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