Japan plans to support India in accelerating the switch to clean energy, expanding a program it started last year for Southeast Asian countries, said Economy, Trade and Industry Minister Koichi Hagiuda on July 13.
Japan’s Asia Energy Transition Initiative initially aims to help countries in the Association of South East Asian Nations (ASEAN) achieve net-zero emissions. The scheme includes a $10 billion fund for renewable energy, energy efficiency, and liquefied natural gas (LNG) projects.
“Specific support includes support for ASEAN countries in the Asian roadmap towards carbon neutrality, which will be expanded to include India,” Hagiuda said at the Sydney Energy Forum, co-hosted by the Australian government and the International Energy Agency on July 13.
Hagiuda explained that India needs to work on diversifying the sources of its energy amid the continued energy crisis resulting from loss of Russian energy supplies.
Given the current energy crisis, moving toward carbon neutral requires stable energy supply and market stability, added Hagiuda.
The minister stated on July 12 that he will put pressure on the U.S. and Australia to increase LNG output and ensure a steady supply to Japan before his trip to Sydney for discussions with the Quad partners, Australia, India, and the U.S.