The Western Australian government today signed a new Memorandum of Understanding (MOU) with the Japan Bank for International Cooperation (JBIC) covering hydrogen, ammonia, low emission technology and decarbonisation.
- The Western Australian government and the Japan Bank for International Cooperation have signed a preliminary agreement.
- It covers hydrogen, ammonia, low emission technology and decarbonisation.
- It is expected to support Japan in its transition to net zero by 2050.
The WA government said it will work with Japan’s policy-based financial institution, Japan Bank for International Cooperation (JBIC), to progress opportunities for decarbonisation and low emission technologies under the agreement.
During his trade mission, Premier Mark McGowan met with the Governor of JBIC, Mr Nobumitsu Hayashi, to discuss new energy investment opportunities in Western Australia and sign the Memorandum of Understanding (MOU).
The MOU will promote cooperation in the development of emerging industries in WA, helping to encourage greater financial supports by JBIC in new energy projects across the State.
The WA Government first signed an MOU with JBIC in 2011, which provided a platform to exchange information on investment priorities and opportunities across a range of WA sectors, including minerals, energy and other natural resources.
JBIC is a policy-based financial institution with 18 overseas representative offices and is wholly owned by the Japanese Government. JBIC has provided significant financial support to a number of resources projects in WA.
“The MOU signed with JBIC recognises our strong strategic partnership with Japan spanning more than 50 years, and charts a course for new opportunities into the future,” said McGowan
“Just as Japanese investment in the late 1960s was foundational in developing the State’s iron ore industry and later the LNG sector, Western Australia is well positioned to support Japan’s transition to net zero by 2050,” he added.
“I look forward to Western Australia and Japan continuing to deepen our strategic partnership into the future,” he said.