---
Sent From Bloomberg Mobile MSG
+------------------------------------------------------------------------------+
JBIC Allocates $4 Billion for Carbon-Reducing Projects (Update1)
2010-10-27 05:03:37.74 GMT
(Updates with director's comments in fourth paragraph.)
By Dinakar Sethuraman
Oct. 27 (Bloomberg) -- The Japan Bank for International
Cooperation has set aside $4 billion to invest in renewable
energy and carbon projects in the two years through March 2013
to help Japan offset its emissions, an official said.
The credits from the projects will be generated after 2012,
when the Kyoto Protocol expires, Executive Director Fumio Hoshi
said in an interview after attending the Carbon Forum Asia 2010
in Singapore today.
The amount is part of Japan's $15 billion commitment on
projects that generate carbon credit, he said. Japan, the
world's fifth-biggest carbon dioxide emitter in 2008, wants to
use offsetting to help it cut greenhouse gas emissions by 25
percent from 1990 levels by 2020. International talks in Tianjin,
China, to reach an agreement to combat climate change ended this
month with little progress made.
"We will fund projects both on a bilateral level and
multilateral basis through loans and investments in environment
funds," Hoshi said. The bank will also offer guarantees on
behalf of borrowers and invest in clean-energy funds to meet its
commitment, he said.
Japan has started talks with Laos, Vietnam, Indonesia,
India, Thailand and the Philippines on the bilateral plan,
Noriaki Ozawa, director of the ministry's Kyoto mechanism
promotion office, told reporters in Tokyo on Oct. 20. Japan
wants them to "co-exist" with the United Nations' Clean
Development Mechanism, which doesn't include nuclear power and
carbon capture and storage technologies, he said.
The selected projects will be developed in Laos, Vietnam,
Indonesia, Mexico, Malaysia, Thailand, Maldives and China,
according to a statement by Japan's trade ministry.
For Related News and Information:
Top Renewable Energy Stories: GREEN <GO>
Clean Development Mechanism Projects: CDM <GO>
Company News: 9501 JP <Equity> CN <GO>
--Editors: Jane Lee, Ryan Woo.
To contact the reporter on this story:
Dinakar Sethuraman in Singapore at +65-6212-1590 or
dinakar@bloomberg.net
To contact the editor responsible for this story:
Clyde Russell at +65-6311-2423 or crussell7@bloomberg.net
