- Region: North America
The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed today a Memorandum of Understanding (MOU) with the State of California of the United States of America (the State of California). The objective of the MOU is to enhance active collaboration for promoting the business of Japanese companies in a wide range of areas, particularly in global environmental protection.
The MOU is intended to establish a further enhanced relationship with the State of California through regular meetings in order to promote Japanese companies’ business through direct investment or by other means in a variety of areas including global environmental protection, clean mobility, clean energy such as hydrogen, renewables, and energy storage, and to enhance economic development, sustainability, and resilience in Japan and the State of California.
Ahead of other counties, the State of California has announced a cutting-edge environmental policy that aims to reduce greenhouse gas emissions by 80% below 1990 levels by 2050, along with offering incentives for private sector businesses in the area of environmental protection. As many Japanese companies operate in California, JBIC has supported various projects, including: a hydrogen station project*1, equity participation in a fund that invests in advanced IT companies*2, and a renewable energy project including waste-to-energy*3. In view of the State of California’s support system for environmental businesses and the vast size of its market, as well as for the purpose of acquiring and accumulating high technology, IT, and innovation know-how, Japanese companies are expected to continue to actively expand their business within the State. Under this MOU, JBIC will establish a further enhanced relationship with the State of California through dialogue about environmental policies in a variety of business areas which will contribute to global environmental protection, and it is expected to further promote the activities of Japanese companies that aim to expand their business in the State of California.
As Japan’s policy-based financial institution, JBIC will financially support the maintaining and strengthening of the international competitiveness of Japanese industries by assisting Japanese companies’ participation in various projects in the State of California. At the same time, JBIC will contribute toward further deepening and developing the economic relationship between Japan and the State of California.