Japanese Minister of Economy, Trade and Industry Hiroshi Kajiyama has pledged $ 10 billion in financial assistance to ASEAN states to help them move forward with the energy transition.

The accompanying measures and the change roadmap were defined during a virtual meeting with ASEAN energy ministers and will include public and private sector loans and investments in Japan, focusing on the growth of LNG and renewable energy.

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“For us in Asia, we shouldn’t miss this trend on board and see this [as] an opportunity to seek both the transition to a cleaner societal system and sustainable growth, â€Japanese Minister of Economy, Trade and Industry, Hiroshi Kajiyama, told the meeting attendees.

“Particularly in Asia, where energy demand will grow in the future, it is essential to seek a diversified and realistic energy transition, using possible energy sources and technology, while taking into account the particularity of each country of difference in geographic characteristics and stage of development, â€Kajiyama mentioned.

Funding is part of the Energy transition initiative in Asia which will see support for the development of roadmaps for carbon neutrality and energy transition, the promotion of the financing of the transition and support for the development and demonstration of technologies.

The $ 10 billion financial support aims to help ASEAN countries promote clean energy and energy conservation, as well as develop gas projects to move away from coal. Japan is also seeking to stimulate the development and deployment of offshore wind power generation, ammonia and hydrogen.

ASEAN member countries to support include: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.