JAKARTA (Reuters) - Japan signed 70 memorandum of understandings (MOU) on energy transition with partners on Wednesday on the sidelines of Asia Zero Emission Community (AZEC) ministerial meeting in Jakarta.
The AZEC was proposed by Japanese Prime Minister Fumio Kishida in 2022 and launched by 11 partner countries including Indonesia, Australia, Vietnam and Thailand in 2023, with the aim of sharing the philosophy of promoting decarbonisation in Asia and cooperating to push forward energy transition.
"Today 70 new MOUs will be announced. For 14 of the projects, METI has made available to $1 billion to provide new financial support through a project in partnership with global South support scheme," Japan's Minister of Economy, Trade and Investment Ken Saito said during the opening of AZEC ministerial meeting.
Saito said AZEC seek to create sustainable fuel market in the transportation sector in an effort to achieve energy transition in Asia.
Indonesia's coordinating minister of the economy, Airlangga Hartarto, said cooperation needed to focus on enhancing regional power grids, invest in new energy such as hydrogen and ammonia while promoting "next-generation vehicles" and sustainable fuels.
One of the MOU signed on Wednesday was with Toyota Tshuso's plan to develop biofuels and green hydrogen with Indonesia's state energy firm Pertamina. The full list of MOUs signed was not immediately released.
