“Japan’s AZEC Initiative: Promoting Fossil Fuels or Decarbonization?”
Japan’s Asia Zero Emission Community (AZEC) was established by former Prime Minister Fumio Kishida with the goal of promoting decarbonization efforts in Asia. However, a recent report by Zero Carbon Analytics has revealed that a significant portion of the projects supported by AZEC actually involve fossil fuel technologies.
Out of the 158 projects financed by Japan under the AZEC initiative, 56 projects include technologies such as natural gas, ammonia co-firing with fossil fuels, hydrogen produced with fossil fuels, carbon capture and storage (CCS), and e-fuels. These technologies have been controversial, with some studies suggesting that they may not be as environmentally friendly as initially thought.
The report also highlights concerns raised by experts and environmental organizations regarding the promotion of fossil fuel technologies through AZEC. Critics argue that technologies like ammonia co-firing and CCS may only delay real climate action and prolong the use of fossil fuel infrastructure.
On the other hand, only 54 out of the 158 projects supported by AZEC include renewable energy and electrification technologies. These projects focus on solar PV power, wind, hydroelectric, geothermal, battery storage, electric vehicles, green hydrogen, ammonia, and waste management. However, there is a lack of emphasis on wind and solar projects within the initiative.
The report also raises questions about the long-term financial implications of Japan’s investments in fossil fuel projects through AZEC. Campaigners warn that these investments, primarily in the form of loans, could further burden economies in Southeast Asia that are already struggling with debt.
Despite the criticisms, Japan’s newly appointed Prime Minister Shigeru Ishiba has expressed support for renewable energy and regional cooperation. However, the future of AZEC under his leadership remains uncertain.
Overall, the report sheds light on the complexities and challenges of promoting decarbonization efforts in Asia, highlighting the need for a more balanced approach that prioritizes renewable energy and long-term sustainability.