JBIC Signs MOU with Northern Territory of Australia
Strengthening Cooperation for Promoting Japanese Investments in Northern Territory

• Region: Oceania
• Energy and Natural Resources
• Infrastructures
• Environment

1. The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on February 14 a Memorandum of Understanding (MOU) with the Northern Territory Government of Australia to build a comprehensive strategic partnership.
     
2. The Northern Territory is endowed with a wealth of natural resources, including natural gas, base metals, critical minerals, and high average solar radiation. JBIC has established a favorable relationship with the Northern Territory Government through, for example, supporting LNG projects involving Japanese companies. The government intends to enhance cooperation with Japanese companies in broad sectors, such as CCUS^*1, critical minerals, infrastructure, hydrogen and ammonia, renewable energy and its transmission and distribution networks, and sustainable aviation fuel (SAF)^*2, in addition to conventional energy. The MOU is intended to establish a framework to strengthen the partnership between JBIC and the North Territory Government for encouraging Japanese companies’ investments in the region.
     
3. Both Japan and Australia announced their goals of achieving carbon neutrality by 2050. Also, at the Japan-Australia leaders' meetings on September 9 and November 17, 2023, the Japanese and Australian Prime Ministers agreed to work more closely by further promoting decarbonization in Asia and strengthening the two countries' resources and energy security cooperation through the Asia Zero Emission Community (AZEC) Concept for the realization of a Free and Open Indo-Pacific. Under these circumstances, JBIC's strengthening of cooperation with the Northern Territory Government will contribute to Japanese companies creating business opportunities and promoting business in the region. It is also expected to further strengthen the Special Strategic Partnership between Japan and Australia promoted by the Japanese government.
     
4. As Japan's policy-based financial institution, JBIC will continue to financially support the creation of business opportunities and the promotion of business for Japanese companies and contribute toward the further development of economic relations between related countries by collaborating closely with such overseas governments and government institutions.
     

Note

1. *1 
   Carbon dioxide Capture, Usage and Storage (CCUS) is a technology that separates and captures carbon dioxide that would otherwise become a greenhouse gas and utilizes and stores it.
2. *2 
   Sustainable Aviation Fuel (SAF) is an aviation fuel produced from biomass resources, such as plants and used cooking oil from food business operators.