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September FY2023
The 3rd Asia Green Growth Partnership Ministerial Meeting Held

The 3rd Asia Green Growth Partnership Ministerial Meeting Held

September 27, 2023

On September 25, 2023, the Ministry of Economy, Trade and Industry (METI) held the 3rd Asia Green Growth Partnership Ministerial Meeting in an in-person-online hybrid format.

This meeting brought together representatives of energy authorities and international organizations from Asian and Middle Eastern countries as well as the officials of financial authorities in Japan and Singapore, and conveyed the importance of transition finance in Asia. In addition, Japan concluded a joint declaration of intent with the United Arab Emirates, the COP 28 host country, after H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Special Envoy to Japan, and CEO of Abu Dhabi National Oil Company (ADNOC).

Also, a panel discussion was held between representatives of the industrial sector, the financial sector, and think tanks. Following this, the meeting released the discussion results as a chair’s summary.

1. Date and time

On September 25 (Mon.), 2023, from 13:15 to 17:05

2. Venue

Hybrid format (Hotel New Otani Tokyo and online)

3. Program

Ministerial session (13:15-14:10)
Japan-UAE signing session (14:20-14:25)
Challenges and prospects for energy transition in Asia (14:25-14:30)
ATFSG activity report (14:35-14:45)
Financial sector-industry dialogue for green innovation and pragmatic transitions in Asia (14:45-15:55)
The role of research institutions in pragmatic transitions in Asia and expectations for governments (15:55-17:05)

4. Overview and outcomes

This meeting, hosted by Japan, aims to provide opportunities for participating countries and international organizations to hold discussions and disseminate partnerships between the public and private sectors for the purpose of achieving simultaneous economic growth, energy security, and climate change countermeasures in Asia and other emerging countries.

The meeting brought together representatives of 17 countries and international organizations in total, mainly speakers from Asian and Middle Eastern countries, the Economic Research Institute for ASEAN and East Asia (ERIA), the industrial sector, the financial sector, and research institutions.

The ministerial session of the meeting conveyed the importance of transition finance in Asia, attended by not only representatives of energy authorities and international organizations in Asian and Middle Eastern countries, but also the officials of financial authorities in Japan and Singapore. Mr. Nishimura Yasutoshi, Minister of Economy, Trade and Industry, delivered a speech and stressed that Japan will continue to pursue the establishment of Asia Transition Finance, an initiative progressing under the Asia Energy Transition Initiative (AETI), and that it has achieved training programs for over 1,800 human resources to date and, based on this, it will focus on providing support for designing systems in response to requests from Asian countries.

In addition, Japan concluded a joint declaration of intent with H.E. Dr. Sultan Ahmed Al Jaber . This aims to advance specific efforts in the "Global Green Energy Hub”—a concept that the leaders of Japan and the UAE agreed upon in July 2023 for the purpose of making the Middle East region, including the UAE, a hub for clean energy and decarbonization initiatives—under the Energy Security and Industry Accelerator (ESIA), which is a comprehensive framework for industrial cooperation between METI, Japan, and the Ministry of Industry and Advanced Technology, the UAE. Japan will also endeavor to advance discussions on transition finance with the UAE.

Moreover, at individual sessions, Mitsubishi UFJ Financial Group, Inc. made a report on the activities by the Asia Transition Finance Study Group (ATFSG). Also, a panel discussion was held with representatives of the industrial sector, the financial sector, and think tanks in attendance, and participants held discussions on the challenges in promoting energy transition and transition finance in Asia and on the need for collaboration among a wide range of sectors.

In response to the discussion results, the meeting welcomed the efforts by ATFSG and also issued a chair’s summary to recognize the role of research institutions in fostering understanding among a variety of stakeholders.

Highlights of the chair’s summary

In light of Asia’s diverse geographical conditions and varied energy needs, Participants recognized the importance of balancing both the region’s decarbonization and sustainable growth, and expressed their shared commitment to support green, pragmatic and effective energy transition with sufficient information in the region.
Participants affirmed the importance of transition finance in accelerating energy transition in Asia and the expectation in global financial markets for credible transition plans and for science-based and quantitative pathways including national ones that are critical for the development of the transition plan.
Participants also welcomed various efforts made by both the public and private sectors, including the Asia GX Hub Initiative by the Financial Services Agency of Japan, Asia Transition Finance Guidelines and Annual Reports by the Asia Transition Finance Study Group, Technology List and Perspectives for Transition Finance in Asia by the Economic Research Institute for ASEAN and East Asia, ASEAN Taxonomy for Sustainable Finance by the ASEAN Taxonomy Board, Climate Transition Finance Handbook by the International Capital Market Association, among others.
Furthermore, in order to tackle the complex and multi-faceted challenges towards green economy and sustainable development, Participants acknowledged the need for dialogues among different sectors including public authorities, private industries, and financial institutions, and the potential role of research institutions as not only providers of diverse and realistic perspectives but also facilitators to encourage cooperation among stakeholders.
Participants expressed their expectations for further development of fair and equitable energy transition in Asia, and their willingness to create a market where necessary funding is provided, balancing the interests of governments, private financial institutions, and the public, and to join forces to achieve a more sustainable and inclusive energy future for the region.