April 25, 2022
*The report named "Interim report on the discussion of promoting Transition Finance in Asia (Report)" was replaced on May 25 to update the visual quality of some images.
On April 25, the Ministry of Economy, Trade and Industry (METI) held the Asia Green Growth Partnership Ministerial Meeting (AGGPM) Public-Private Forum online for the first time.
In this forum, companies, governments, and academic institutions newly announced a number of initiatives contributing to the acceleration of energy transitions in Asia. Additionally, the forum opened up discussions on ’Finance’ and ‘Innovation’ which support energy transitions.
More than 2,100 people from over 60 countries registered to participate.
Overview of the forum
(1) Opening Remarks and Keynote Speeches
Mr. Hagiuda, Minister of Economy, Trade and Industry of Japan, made opening remarks and highlighted the importance of promoting a well-balanced energy transition that addresses climate change while ensuring sufficient energy supply in the short term and energy security in the mid to long term, as the global energy situation is changing dramatically in the wake of the Russian invasion of Ukraine. He reiterated his determination to steadily implement the support initiatives based on the "Asian Energy Transition Initiative (AETI)," and introduced its progress.
Keynote speeches were delivered by H.E. Arifin Tasrif, Minister of Energy and Mineral Resources, Indonesia; H.E. Mr. Supattanapong Punmeechaow Deputy Prime Minister and Minister of Energy, Thailand; H.E. Dr. Sultan Ahmed Al-Jaber, Minister of Industry and Advanced Technology, Group CEO and Managing Director of Abu Dhabi National Oil Company (ADNOC), UAE Special Envoy for Climate; and H.E. Nguyen Hong Dien, Minister of Industry and Trade, Vietnam. They explained their efforts to achieve carbon neutrality, and the importance of public-private partnerships and international cooperation.
(2) Special Ceremony
A signing ceremony for the MOU and announcement of corporate alliances was held to announce projects and initiatives among private companies contributing to energy transitions in Asia, with Mr. Hosoda, State Minister of Economy, Trade and Industry in attendance. 10 new projects and initiatives were announced, ranging from renewable energy, CCS, ammonia co-firing and mono-firing, and biomethane production, to the cooperation in financing and the formulation of a roadmap.
In addition, two presentations were made in the session. One was by the Asian Transition Finance Study Group, led by private financial institutions, regarding the interim report on the discussion of promoting Transition Finance in Asia. The other was by the Economic Research Institute for ASEAN and East Asia (ERIA) and the Institute of Energy Economics, Japan (IEEJ) regarding the final report on a roadmap analysis for the realization of carbon neutrality in ASEAN.
(3) Panel Discussion
Afterwards, prominent speakers from Asia and other countries, including representatives of international organizations and CEOs of private companies, were invited to two panel discussions focusing on Finance and Innovation supporting energy transitions in Asia.
In the first panel discussion on Finance, the panelists shared the need for financing from both public and private sectors to achieve realistic and just energy transitions. They also discussed the importance of positioning new technologies, such as ammonia co-firing, as available solutions, and the necessity for governments to announce each country's pathway and strategy through the formulation of roadmaps and other means in order to promote financing.
In the second panel on Innovation, the panelists shared the idea that all energy sources and technologies should be utilized in order to promote energy transitions in Asia, with due consideration given to the different circumstances in each country, and the need to develop technologies that will enable the combination of various options. They also discussed the idea that cross-border and cross-business partnerships, as well as the establishment of guidelines and large-scale financing by governments, will play an important role in promoting innovations that contribute to energy transitions and the diffusion of decarbonization technologies.
- Brochure of this event(PDF:2,854KB)
- Opening remarks by H.E. Mr. Hagiuda, Minister of Economy, Trade and Industry of Japan(PDF:20KB)
- List of MOUs signed and a Corporate Alliance formulated(PDF:12KB)
- Interim report on the discussion of promoting Transition Finance in Asia (Presentation)(PDF:1,129KB)
- Interim report on the discussion of promoting Transition Finance in Asia (Report)(PDF:1,107KB) Updated on May 25, 2022
- Final report on a roadmap analysis for the realization of carbon neutrality in ASEAN(PDF:922KB)
- AGGPM Public-Private Forum website
- First Asia Green Growth Partnership Ministerial Meeting Held (October 4, 2021)
- Minister Kajiyama announced the Asia Energy Transition Initiative (AETI) (May 28, 2021)