- Region: Asia
September 2, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed on September 1, a memorandum of understanding (MOU) with the Ministry of New and Renewable Energy, Government of India, on the cooperation and exchange of information for promoting renewable energy projects in India, taking an opportunity of Prime Minister of India H.E. Narendra Modi's official visit to Japan. The signing of this MOU between JBIC and the Ministry of New and Renewable Energy, Government of India is welcomed in the Fact Sheet: "India and Japan-Partners for Common Development" issued along with the Japan-India Joint Statement "Tokyo Declaration for Japan-India Special Strategic and Global Partnership" dated September 1, 2014.
The MOU's major objective is to promote renewable energy projects utilizing Japanese companies and their cutting edge technologies through the exchange of information and opinions between JBIC and the Ministry of New and Renewable Energy, Government of India.
In India, while the strong demand for electricity is expected in the future, the development of new and renewable energy, for the purpose of diversifying supply sources and ensuring of power supply capacity, has been promoted aggressively. The MOU is expected to contribute to the formulation of projects utilizing Japanese companies' technologies in the renewable energy sector in India, through the exchange of information related to renewable energy in India.
In addition, the Government of India has set a numerical goal of reducing 20-25% of the 2005 ratio of greenhouse gas emissions of gross domestic product (GDP) per unit by 2022, and JBIC has also been supporting renewable energy projects*1 in India under the Global action for Reconciling Economic growth and ENvironmental preservation (GREEN) operation*2.
As Japan's policy-based financial institution, JBIC will continue to financially support Japanese companies'business deployment in India and contribute to further depth and development of the close relationship between Japan and India, by collaborating with such local financial institutions.
- *1 See Press Releases on April 1, 2011, February 3, 2012, March 27 and May 30, 2013, March 28, 2014, and March 31, 2014.
- *2 See Information on April 27, 2010.