Press Conference by Minister Saito (Excerpt)

*Note: This is a provisional translation for reference purposes only.

8:55 to 9:07 a.m.
Tuesday, June 4, 2024
Press Conference Room, METI Main Building

Opening Remarks

Visit to Singapore

Good morning.

From June 5, which is tomorrow, to June 7, I will visit Singapore to attend the Ministerial Meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF) and its Clean Economy Investor Forum and to hold meetings with the economic ministers of the relevant countries.

IPEF is an initiative to build a new economic order appropriate for the 21st century in the Asia-Pacific region.
At the ministerial meeting, we will confirm the progress made under the Supply Chain Agreement, which came into force this February, as well as the progress made under the Clean Economy Agreement, which was substantially concluded in November last year. We will also hold discussions on future cooperation.

In addition, taking this opportunity, the Clean Economy Investor Forum will be held to encourage investment in projects for transitioning to a clean economy in the IPEF region. This forum will bring together about 300 people from the IPEF region, such as government officials, representatives of companies and startups, and investors, to discuss decarbonization in the region.

Moreover, taking advantage of this visit, I will participate in a kick-off seminar to commemorate the launch of a platform for promoting open innovation between Japan and Singapore. Ministry of Economy, Trade and Industry (METI) will facilitate a mission of 15 Japanese startups active in overseas business development to accompany my visit. At the seminar, METI will provide them with opportunities to deliver speeches to support their business development in Singapore.

Through these efforts, we will strive to realize sustainable and inclusive economic growth through working with trusted partner countries in the Indo-Pacific region. I will end my remarks here.

Question-and-Answer Session

Japan-EU Hydrogen Business Forum

Q: I would like to ask you about the Hydrogen Forum held yesterday. Japan and the EU agreed to prepare a joint working plan for promoting the use of hydrogen yesterday. In addition, the agreement contains memoranda of understanding (MOUs) between governmental organizations responsible for support measures involving the price difference between hydrogen and fossil fuels.?

At the press conference following the Cabinet Meeting before, you mentioned that Japan will aim to select companies to receive the support by the end of this year. Could you tell us what kind of new, specific impact the Japan-EU partnership this time is expected to have on Japanese companies? Also, could you offer a comment on what kind of impact the details of this working plan may have on the Strategic Energy Plan, given that the plan is going to be revised this fiscal year?

A: Under the Act on Hydrogen Society Promotion which was established recently, Japan intends to build a supply chain for low-carbon hydrogen, aiming to achieve carbon neutrality going forward.

In this process, it is important for Japan and the EU to work together to create a market in which non-price elements, such as decarbonization and stable supply, are properly evaluated. Yesterday, I agreed with Commissioner Simson of the European Commission to establish Japan-EU Clean Energy Industrial Policy Coordination.

Through these efforts, I hope that Japan and Europe will keep in step with each other to build a hydrogen market and that the high-level and quality technologies of Japanese companies will be properly recognized. I expect this will help Japanese companies enhance their competitiveness and win a greater market share.

Concerning the working plan, we will aim at establishing a business platform, harmonizing the standards, and promoting the Japan-Europe joint hydrogen bank concept.

As the working plan does not intend to stipulate the amount of electricity generated from hydrogen, we do not expect to directly link the plan to the next Strategic Energy Plan. However, we would like to work out the specifics of the plan as quickly as possible so that Japan and Europe can swiftly expand the hydrogen supply chain.