- Region: Asia
June 23, 2010
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on June 22 a memorandum of understanding (MOU) with China Energy Conservation and Environmental Protection Group (CECEP) for operational cooperation in energy conservation and environmental protection projects.
- The objective of this MOU is to strengthen cooperative relations with a view to facilitating both parties participation in energy conservation and environmental protection projects. Specifically, the MOU sets forth a close exchange of information and opinions between JBIC and CECEP on projects in which both Japanese and Chinese firms participate.
- The number of environmental and energy efficiency projects has been increasing all over the world, reflecting growing global interest in environmental issues. Japanese firms are also expanding business operations in these areas. CECEP was established in 1988 by the State Council as China's first company for investing in and operating environmental protection and energy-saving projects. Currently, it mainly invests in domestic energy conservation and environmental protection projects in order to promote the use of energy-saving and environmental protection technology. JBIC has been strengthening its support for Japanese businesses engaged in overseas environment-related projects through the JBIC Facility for Asia Cooperation and Environment (FACE)*2 and the Leading Investment to Future Environment Initiative (LIFE Initiative).*3 The stronger relationship with CECEP under this MOU is expected to promote Japanese firms' participation in environmental and energy conservation projects in China.
- JBIC will continue to support the overseas environmental and energy efficiency businesses of Japanese companies, while deepening cooperative ties with relevant domestic and foreign agencies and institutions.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 See Press Release on April 1, 2008.
- *3 See Information on March 23, 2009.