Kishida says Japan is ready to lead Asia in achieving decarbonization and energy security

Indonesia's President Joko Widodo, third left, and Japan's Prime Minister Fumio Kishida, fourth left, pose for a photo following the announcement of their joint statement to support meetings of the Asian Zero Energy Carbon (AZEC), at the prime minister's office in Tokyo, Monday, Dec. 18, 2023. The AZEC summit is held in Tokyo in conjunction with the ASEAN-Japan 50th anniversary Commemorative Summit. Other officials are Vice Chairman and Secretary-General of KEIDANREN (Japan Business Federation) Masakazu Kubota, from left, President of the Economic Research Institute for ASEAN and East Asia Tetsuya Watanabe, Economy Minister Saito Ken and Vice Chair of the ASEAN Business Advisory Council Bernardino Moningka Vega. (David Mareuil/Pool Photo via AP)

Indonesia's President Joko Widodo, third left, and Japan's Prime Minister Fumio Kishida, fourth left, clap hands during a photo session following the announcement of their joint statement to support meetings of the Asian Zero Energy Carbon (AZEC), at the prime minister's office in Tokyo, Monday, Dec. 18, 2023. The AZEC summit is held in Tokyo in conjunction with the ASEAN-Japan 50th anniversary Commemorative Summit. Other officials are Vice Chairman and Secretary-General of KEIDANREN (Japan Business Federation) Masakazu Kubota, from left, President of the Economic Research Institute for ASEAN and East Asia Tetsuya Watanabe, Economy Minister Saito Ken and Vice Chair of the ASEAN Business Advisory Council Bernardino Moningka Vega. (David Mareuil/Pool Photo via AP)

Japan's Prime Minister Fumio Kishida, listens the speech of Indonesian President Joko Widodo at the 50th anniversary of the ASEAN-Japan Friendship and Cooperation luncheon meeting at KEIDANREN (Japan Business Federation) in Tokyo, Monday, Dec. 18, 2023. (AP Photo/Eugene Hoshiko, Pool)

TOKYO (AP) — Japan's Prime Minister Fumio Kishida pledged to lead efforts to simultaneously achieve decarbonization, economic growth and energy security in Asia, an ambitious goal he set Monday at a regional climate summit attended by Southeast Asian leaders.

Kishida told the summit of the Asia Zero Emission Community, or AZEC, that the initiative will create “a new, huge decarbonization market in Asia that will attract global capital."

Decarbonization in Asia will require 4,000 trillion yen ($28 trillion), Kishida said, and promised to establish a new organization to support AZEC countries in their effort to implement policies needed to achieve carbon neutrality.

Leaders of nine member countries of the Association of Southeast Asian Nations except Myanmar, in addition to Australia, expressed commitment to cooperate toward achieving carbon neutrality. The summit was held one day after Japan hosted a special summit Sunday commemorating 50 years of ties with ASEAN.

As part of the AZEC initiative, Japan is offering to help other members with technologies to cut emissions, including co-firing technology using ammonia or hydrogen, as well as bendable and more mobile solar panels.

Kishida said Japan will cooperate with AZEC members in setting a decarbonization roadmap and other measures, while also offering support in funding, technology and human resources by establishing the Asia Zero Emission Center in Indonesia.

Japan has achieved 20% emissions reduction and is on course to meet the targeted 46% by 2030, saying it will achieve its net-zero goal by boosting renewables as the main source of power, utilizing nuclear power and taking other measures.

Japan has faced criticism from environmental groups for not setting a timeline to stop using fossil fuel. Kishida, at the COP28 summit in Dubai, promised that Japan will end new construction at home of unabated coal fired power plants, in a show of clearer determination than in the past toward achieving net-zero.

Kishida has also pledged that Japan will issue the world’s first government transition bond with international certification. Japanese officials say Japan aims to fund 20 trillion yen ($135 billion) over the next 10 years to promote private sector investment worth 150 trillion yen ($1 trillion).

Japan will contribute to the expansion of lending capacity totaling about $9 billion through the provision of credit enhancements to the World Bank and the Asian Development Bank, and will also make a separate contribution of the new fund of the African Development Bank, Kishida said.

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Associated Press video journalist Ayaka McGill contributed to this report.