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September FY2022
Second Asia Green Growth Partnership Ministerial Meeting (AGGPM) Held

Second Asia Green Growth Partnership Ministerial Meeting (AGGPM) Held

September 28, 2022

On September 26, the Ministry of Economy, Trade and Industry (METI) held the second Asia Green Growth Partnership Ministerial Meeting (AGGPM) as a hybrid event (both online and in person).
The meeting was attended by ministries and delegates from 20 countries and three international organizations, mainly in Asia and the Middle East. The participants had in-depth discussions on diverse and realistic energy transitions that will ensure energy security and enable countries to achieve sustainable economic growth and carbon neutrality at the same time. Speakers also reported on the steady progress various public and private initiatives have made. This included announcing private finance guidelines for Asia's energy transition and a list of transition technologies.
The outcomes of the meeting have been published as a Chair's Summary.

<Outline of the meeting>

Japan hosted this meeting to drive diverse and realistic energy transitions in Asian countries that will also ensure energy security and enable them to achieve sustainable economic growth and carbon neutrality at the same time. It was intended to be a space for participating countries and international organizations to discuss these topics and for announcing public-private partnerships.

The meeting was attended by ministries and delegates from a total of 23 countries and international organizations, namely, the ASEAN Secretariat, the Economic Research Institute for ASEAN and East Asia (ERIA), the International Energy Agency (IEA), and countries in Asia, the Middle East, and North America.

In the ministers' portion of the meeting, Mr. Nishimura Yasutoshi, Minister of Economy, Trade and Industry, set a major goal: for the world to achieve carbon neutrality as soon as possible. He also emphasized the importance of balanced energy transitions that can successfully address energy security, economic growth, and climate change at the same time.

Additionally, he gave updates on the steady progress made through the various public-private initiatives started in line with the Asia Energy Transition Initiative (AETI), which include developing human resources and support for creating roadmaps.

In the private sector portion that followed, Mitsubishi UFJ Financial Group (MUFG) released the final report on the Asia Transition Finance Guidelines. Financial institutions mainly in Asia, Europe, and the US have been discussing these in depth since last year in order to mobilize funding for transition technologies. ERIA also showcased 10 transition technologies that will contribute to energy transitions. NEXI and JBIC introduced their financial support initiatives and policies that are in line with AETI and Asia Transition Finance (ATF).

Also, Japanese companies introduced nine initiatives that will contribute to energy transitions in Asia and the Middle East, and 11 MOUs were signed regarding projects that will contribute to energy transitions in Asia.

In the last portion, internationally influential people gave very encouraging special messages on the importance of transition finance and innovation in Asia.

The Chair's Summary was published on the basis of these discussions in the meeting.

Outline of the Chair's Summary

We recognised the need for all countries to make efforts and contributions to achieving global carbon neutrality in the earliest possible timing in pursuing the goals of the Paris Agreement.
We emphasised the importance of pursuing a well-balanced energy transitions while ensuring sufficient current energy supply and energy security in the med-to long-term.
We confirmed the significance of cooperation in establishing supply chains of hydrogen and ammonia, not only to accelerate energy transitions, but also from the perspective of energy security for Asia, where energy demand is growing, and the Middle East, which has the world's largest hydrocarbon resources and is rich in renewable energy resources. We agreed that it is important to discuss future cooperation, and to confirm the significance of cooperation in building supply chains for hydrogen and ammonia, not only to accelerate energy transitions, but also from the perspective of energy security.
We agreed the need of utilizing all technologies and fuels in order to realise energy transitions towards carbon neutrality in accordance with each country's energy situation, and that hasty transitions in the absence of alternative energy sources and solutions may lead to unintended consequences. Additionally, we confirmed the importance of promoting not only the maximum introduction of renewable energy and the effective use of natural gas and LNG as transition fuels, but also the gradual introduction of available decarbonization technologies such as co-firing and mono-firing of hydrogen, fuel ammonia, and biomass, CCUS/carbon recycling, and other innovative technologies. We stressed the need for immediate mobilization of public and private finance to achieve realistic and just energy transitions, and affirmed the importance of public finance complementing private finance for some countries and institutional risks. We welcomed the development of guidelines for “Asia Transition Finance “ by the “Asia Transition Finance Study Group ” led by private sector financial institutions. We welcomed the development of the guidelines and hoped that private financial institutions would make use of them. We also recognised the importance of developing realistic and viable feasible toward and plans toward carbon neutrality, as requested by the group to governments.
We recognise the importance of government support to relevant efforts by the private sector and research institutions, and agreed to strengthen such support.
We look forward to follow-up with the public and private sectors based on the discussions at the second AGGPM, and welcomed Japan's initiative to convene the third AGGPM in 2023.