Latest news with #AZEC
Yahoo
03-06-2025
- Business
- Yahoo
Scientists launch $500 million effort to harness near-limitless energy under our feet: 'A significant step forward'
Indonesia and Japan announced the financial closing of a monumental $500 million project that will add a second unit to the Muara Laboh geothermal plant in West Sumatra, Indonesia, according to the Indonesia Business Post. Former Japanese Prime Minister Fumio Kishida, who serves as special envoy for the current prime minister, met with Indonesian President Prabowo Subianto. Together, they sealed the deal and accentuated the strength of the nations' bilateral cooperation. "This 88-megawatt geothermal project in Solok, West Sumatra, marks a concrete showcase of our commitment under the Asia Zero Emission Community," Indonesia's coordinating minister for the economy, Airlangga Hartarto, told the Indonesia Business Post. "It is a significant step forward in our energy transition efforts." Kishida created AZEC as prime minister to help decarbonize Asia with other countries in the Association of Southeast Asian Nations and create, per The Associated Press, "a new, huge decarbonization market in Asia that will attract global capital." Similar initiatives are underway in the U.S. in Colorado and Texas, among other states. Although there are some concerns about geothermal energy, on the whole, it provides many environmental and human benefits. It is a renewable resource that reduces planet-warming emissions, air pollution, and dependence on fossil fuels. The geothermal energy industry also creates jobs. According to the U.S. Bureau of Labor Statistics, "Opportunities should arise for workers in a wide variety of occupations with different education and training requirements. … As the demand for clean energy grows, jobs in geothermal energy will be a small but growing potential source of new employment opportunities." In other words, it is both financially and environmentally profitable for society to move away from dirty energy and toward newer, cleaner alternatives. One of the best ways for consumers to compound the economic and environmental benefits of initiatives like these is to transition their homes to solar power. This move can bring energy costs down to or near $0. Should we be harnessing the ocean to power our homes? Absolutely Leave it be It depends I'm not sure Click your choice to see results and speak your mind. Companies such as EnergySage can help. It provides a free service that makes it easy to compare quotes from vetted local installers and save up to $10,000 on solar installation, allowing everyday homeowners to harness the power of clean energy. Voicing gratitude for the kinship and shared vision of the two nations, Hartarto said to Antara News: "Indonesia deeply appreciates Japan's commitment to sustainable development. This progress reflects both countries' efforts to foster mutually beneficial economic cooperation and shared prosperity." Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Time of India
22-05-2025
- Business
- Time of India
Japan invests big in LNG despite climate-friendly promises
Representative Image Japan is one of the world's biggest public financiers of gas and oil production, despite a pledge to halt all such funding for fossil fuel at the G7 summit in 2022. From 2013 to 2024, Japanese public financial institutions provided $93 billion (€82 billion) worth of investments for oil and gas projects, according to a report from the South Korea-based Solutions for Our Climate (SFOC). Overseas liquefied natural gas (LNG) development projects amounted to $56 billion worth of this financing. In the same period, the report estimates $24.5 billion in funding was provided for clean energy projects. "Japan's international influence in energy financing, and specifically fossil fuel financing , is enormous," Walter James, a private consultant focusing on Japan's climate and energy policies, told DW. "It's really across the fossil fuel supply chain … all the way from exploration, production, transportation to actual use and power plants." In what the Institute for Energy Economics and Financial Analysis (IEEFA), a US-based research center, calls the "Japanese model" of LNG investment, decades of policy development by Japan to "encourage direct overseas investment in LNG export projects," have turned Japan into the main driver of LNG development in the Asia Pacific. A report by the IEEFA says that Japan benefits in two ways: By having more access to the LNG supply for its domestic energy needs, and improved access to "demand centers where Japan can resell surplus LNG." "Japan's LNG resales to overseas markets have reached record highs, indicating a shift in its role within the global LNG market," from a consumer to an exporter, the IEEFA report says. Another IEEFA report shows Australian LNG as the top source of supply for Japanese LNG shipments to third countries. At the same time, Japan depends on energy imports to fuel its economy, with little domestic access to fossil fuels. Oil, coal and LNG make up more than 83% of Japan's primary energy mix, according to data cited by the Asia Natural Gas and Energy Association. Japanese 'greenwashing' with LNG? After Japan's fossil fuel pledge at the 2022 G7 summit to halt financing fossil fuel projects, it launched the Asia Zero Emission Community (AZEC) with partner countries in Asia to provide a platform for cooperation on "net zero emissions in the Asia region." In August 2024, a total of 70 Memorandums of Understanding (MOUs) were signed with 11 nations, including Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. However, many of the projects focus on developing natural gas, ammonia and carbon capture storage (CCS) technology. LNG is deemed a "transitional fuel" for Japan's partner countries in AZEC. A 2024 study from Cornell University, however, found that LNG involves 33% more emissions than coal, when processing and shipping are considered. Loopholes in Japan's G7 pledge allow for investment in LNG projects, even though it contributes to greenhouse gas emissions, according to Hiroki Osaka, development finance and environment campaigner at Friends of the Earth Japan, an NGO. Osada said Tokyo's pledge was based on "unabated fossil projects," so if countries decide the projects are "abated" like the ones with use of CCS, they can go ahead. "Unabated" refers to using fossil fuels without taking any measures to reduce greenhouse gas emissions, such as CCS. Abated fossil fuels, on the other hand, use measures to reduce emissions. "It's a form of greenwashing," Osada told DW. "Another loophole is that even if the projects are regarded as 'unabated,' if they say they align with the 1.5-degree energy plan [Paris Agreement] or are necessary for energy security and diplomacy, they are justified." Indonesia as an example Indonesia signed a deal in November 2022 to mobilize $20 billion in public and private finance for energy transition at the G20 summit, led by the US and Japan. According to Osada, Japan "helped write" Indonesia's long-term energy plan "so there would be a demand for gas." "There's a lot of renewable potential available and it's actually cheaper and more beneficial for the whole of Southeast Asia, while LNG is too costly and they can't import if there's a blackout," she said. Natural gas in Indonesia costs more than renewables, according to the calculations from the Institute for Essential Services Reform, an Indonesian energy and environment policy research center. Indonesia is also the world's largest coal exporter, and coal comprises over 40% of its energy consumption. To phase out coal and oil, Indonesia in March rolled out a $1.5 billion LNG distribution project to feed power plants. However, Wicaksono Gitawon, policy strategist at the Indonesian NGO CERAH, told DW that more overseas investment in LNG would hamper Indonesia's future transition to renewable energy. "I genuinely think Japan should skip investment in gas [in Indonesia] and push for renewables," Gitawon said. "We already have a coal infrastructure locked in. They are now pushing for gas, and gas is a big investment, so it would be another lock-in. If we have a gas infrastructure in Indonesia, I don't think we would be able to achieve energy transition." Energy policy consultant James said that Japan is also meeting demand for technology and investment from countries like Indonesia. "Indonesia came up with their own energy transition strategies and include things like natural gas and LNG, coal firing with ammonia and hydrogen — all the things Japan would love to sell and invest," he said. The third AZEC meeting is slated to be held in Malaysia this September.
DW
21-05-2025
- Business
- DW
Japan invests big in LNG despite climate-friendly promises – DW – 05/21/2025
Japan is a world leader in funding natural gas projects, while at the same time leading a forum in Asia calling for a fossil fuel phase-out. Japan is one of the world's biggest public financiers of gas and oil production, despite a pledge to halt all such funding for fossil fuel at the G7 summit in 2022. From 2013 to 2024, Japanese public financial institutions provided $93 billion (€82 billion) worth of investments for oil and gas projects, according to a report from the South Korea-based Solutions for Our Climate (SFOC). Overseas liquefied natural gas (LNG) development projects amounted to $56 billion worth of this financing. In the same period, the report estimates $24.5 billion in funding was provided for clean energy projects. "Japan's international influence in energy financing, and specifically fossil fuel financing, is enormous," Walter James, a private consultant focusing on Japan's climate and energy policies, told DW. "It's really across the fossil fuel supply chain … all the way from exploration, production, transportation to actual use and power plants." In what the Institute for Energy Economics and Financial Analysis (IEEFA), a US-based research center, calls the "Japanese model" of LNG investment, decades of policy development by Japan to "encourage direct overseas investment in LNG export projects," has turned Japan into the main driver of LNG development in the Asia Pacific. A report by the IEEFA says that Japan benefits in two ways: By having more access to LNG supply for its domestic energy needs, and improved access to "demand centers where Japan can resell surplus LNG." "Japan's LNG resales to overseas markets have reached record highs, indicating a shift in its role within the global LNG market," from a consumer to an exporter, the IEEFA report says, with Australian LNG currently the top source of supply. At the same time, Japan depends on energy imports to fuel its economy, with little domestic access to fossil fuels. Oil, coal and LNG make up more than 83% of Japan's primary energy mix, according to data cited by the Asia Natural Gas and Energy Association. Japanese 'greenwashing' with LNG? After Japan's fossil fuel pledge at the 2022 G7 summit to halt financing fossil fuel projects, it launched the Asia Zero Emission Community (AZEC) with partner countries in Asia to provide a platform for cooperation on "net zero emissions in the Asia region." In August 2024, a total of 70 Memorandums of Understanding (MOUs) were signed with 11 nations, including Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. However, many of the projects focus on developing natural gas, ammonia and carbon capture storage (CCS) technology. LNG is deemed a "transitional fuel" for Japan's partner countries in AZEC. A 2024 study from Cornell University, however, found that LNG involves 33% more emissions than coal, when processing and shipping are considered. Loopholes in Japan's G7 pledge allow for investment in LNG projects, even though it contributes to greenhouse gas emissions, according to Hiroki Osaka, development finance and environment campaigner at Friends of the Earth Japan, an NGO. Osada said Tokyo's pledge was based on "unabated fossil projects," so if countries decide the projects are "abated" like the ones with use of CCS, they can go ahead. "Unabated" refers to using fossil fuels without taking any measures to reduce greenhouse gas emissions, such as CCS. Abated fossil fuels, on the other hand, use measures to reduce emissions. "It's a form of greenwashing," Osada told DW. "Another loophole is that even if the projects are regarded as 'unabated,' if they say they align with the 1.5-degree energy plan [Paris Agreement] or are necessary for energy security and diplomacy, they are justified." LNG is natural gas cooled into a liquid form for transport Image: Koji Nakayama/AP Photo/picture alliance Indonesia as an example Indonesia signed a deal in November 2022 to mobilize $20 billion in public and private finance for energy transition at the G20 summit, led by the US and Japan. According to Osada, Japan "helped write" Indonesia's long-term energy plan "so there would be a demand for gas." "There's a lot of renewable potential available and it's actually cheaper and more beneficial for the whole of Southeast Asia, while LNG is too costly and they can't import if there's a blackout," she said. Natural gas in Indonesia costs more than renewables, according to the calculations from the Institute for Essential Services Reform, an Indonesian energy and environment policy research center. Indonesia is also the world's largest coal exporter, and coal comprises over 40% of its energy consumption. To phase out coal and oil, Indonesia in March rolled out a $1.5 billion LNG distribution project to feed power plants. However, Wicaksono Gitawon, policy strategist at Indonesian NGO CERAH, told DW that more overseas investment in LNG will hamper Indonesia's future transition to renewable energy. "I genuinely think Japan should skip investment in gas [in Indonesia] and push for renewables," Gitawon said. "We already have a coal infrastructure locked in. They are now pushing for gas, and gas is a big investment, so it would be another lock-in. If we have a gas infrastructure in Indonesia, I don't think we would be able to achieve energy transition." Energy policy consultant James said that Japan is also meeting demand for technology and investment from countries like Indonesia. "Indonesia came up with their own energy transition strategies and include things like natural gas and LNG, coal firing with ammonia and hydrogen — all the things Japan would love to sell and invest," he said. The third AZEC meeting is slated to be held in Malaysia this September. Climate change - Averting catastrophe, Part 1 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Edited by: Wesley Rahn
The Sun
21-05-2025
- Business
- The Sun
Japanese companies sees investment opportunities in ASEAN power grid initiative
KUALA LUMPUR: Japanese companies have expressed their interest in supporting and investing in the ASEAN Power Grid (APG) initiative, which, among others, includes the proposed submarine cable project connecting Sarawak and Johor. Japanese Ambassador to Malaysia, Noriyuki Shikata said that to further elevate trade and economic cooperation between Japan and Malaysia, Japanese companies are also eyeing green investment opportunities and hydropower-related projects in the country. He noted that both countries can benefit from the Asia Zero Emission Community (AZEC), which is a platform for cooperation to achieve carbon neutrality and net-zero emissions in the Asian region. 'More Japanese companies are interested in coming to Malaysia -- for example, Sabah for green investments, and Sarawak for its huge hydropower potential. 'Japanese companies can contribute by introducing new technologies such as making use of hydrogen, ammonia, and carbon capture, utilisation and storage (CCUS),' he told Bernama after his appearance on BernamaTV's 'The Nation Diplomatic Dispatch' programme, which is aired today. Shikata added that Japanese companies are also looking into investing in Malaysia's booming data centre industry. Malaysia's food and beverage industry is also an attractive investment avenue for Japanese companies, he said, estimating that there are over 2,000 Japanese restaurants in the country. He noted that Malaysia has been attracting food-related investments, supported by the nation's halal certification regulation. 'One example is Ajinomoto Malaysia Bhd, which has a factory near the Kuala Lumpur International Airport (KLIA). They are 100 per cent halal, and I understand that about 40 per cent of their products are exported to the Middle East and 10 per cent are exported to Japan. 'As more and more Malaysian tourists come to Japan, there is a higher expectation for Japanese restaurants in Malaysia,' he added.
The Sun
21-05-2025
- Business
- The Sun
Japanese companies to further elevate trade in APG
KUALA LUMPUR: Japanese companies have expressed their interest in supporting and investing in the ASEAN Power Grid (APG) initiative, which, among others, includes the proposed submarine cable project connecting Sarawak and Johor. Japanese Ambassador to Malaysia, Noriyuki Shikata said that to further elevate trade and economic cooperation between Japan and Malaysia, Japanese companies are also eyeing green investment opportunities and hydropower-related projects in the country. He noted that both countries can benefit from the Asia Zero Emission Community (AZEC), which is a platform for cooperation to achieve carbon neutrality and net-zero emissions in the Asian region. 'More Japanese companies are interested in coming to Malaysia -- for example, Sabah for green investments, and Sarawak for its huge hydropower potential. 'Japanese companies can contribute by introducing new technologies such as making use of hydrogen, ammonia, and carbon capture, utilisation and storage (CCUS),' he told Bernama after his appearance on BernamaTV's 'The Nation Diplomatic Dispatch' programme, which is aired today. Shikata added that Japanese companies are also looking into investing in Malaysia's booming data centre industry. Malaysia's food and beverage industry is also an attractive investment avenue for Japanese companies, he said, estimating that there are over 2,000 Japanese restaurants in the country. He noted that Malaysia has been attracting food-related investments, supported by the nation's halal certification regulation. 'One example is Ajinomoto Malaysia Bhd, which has a factory near the Kuala Lumpur International Airport (KLIA). They are 100 per cent halal, and I understand that about 40 per cent of their products are exported to the Middle East and 10 per cent are exported to Japan. 'As more and more Malaysian tourists come to Japan, there is a higher expectation for Japanese restaurants in Malaysia,' he added.
