2024.10.07
Japan International Cooperation Agency (JICA) joins the Asia GX (Green Transformation) Consortium, which announced its official launch on October 2, as one of the original consortium members.
The consortium aims to develop a practical and common approach to transition finance while considering Asian context including through case studies and other method, particularly to emerging and developing markets in the ASEAN region; and to explore ways to promote the flows of transition finance in Japan, and Asia, particularly the ASEAN region. The original members include the Financial Services Agency of Japan, ASEAN Capital Markets Forum (ACMF), ASEAN Working Committee on Capital Market Development (WC-CMD), Asian Development Bank (ADB), Glasgow Financial Alliance for Net Zero (GFANZ), Mizuho Financial Group (MHFG), Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMFG), Development Bank of Japan Inc. (DBJ), Japan Bank for International Cooperation (JBIC), and JICA.
In the runup to the official launch, technical meetings were held. Those meetings discussed the importance of items such as mobilizing funds for Asia’s climate transition, the role of blended finance, and the implementation of these efforts in the regional context of Asia. Following the discussions, official launch was announced at the high-level meeting of the Asia GX Consortium, part of the “Japan Weeks” event series aimed at strengthening communication with overseas investors. In Asia, a region experiencing rapid economic development, it is important to support both this growth and decarbonization simultaneously. The discussions within the Asia GX Consortium are expected to contribute toward this goal.
JICA has continued to support Asia through financial and technical cooperation projects and various other projects. Building on these efforts, JICA will further contribute to the transition towards carbon neutrality/net-zero emissions in Asia, thereby promoting the Asia Zero Emission Community (AZEC) (NOTE).
(NOTE)
AZEC（Asia Zero Emission Community） is a Platform for cooperation towards carbon neutrality/net-zero emissions in the Asia region, involving partner countries from 11 nations (Australia, Brunei Darussalam, Cambodia, Indonesia, Japan, Lao PDR, Malaysia, Philippines, Singapore, Thailand, and Viet Nam)
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