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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on September 26 a Memorandum of Understanding (MOU) with Petroliam Nasional Berhad (PETRONAS) (PETRONAS; President and Group CEO: Tengku Muhammad Taufik) to strengthen a partnership between the two organizations, on the sidelines of the second Asia Green Growth Partnership Ministerial Meeting (AGGPM) held in Tokyo.
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PETRONAS is a Malaysia-based global energy and solutions company with a reach spanning over 100 countries. It aspires to achieve net zero carbon emissions by 2050 and is pursuing growth ambitions in low and zero carbon fuels business. The purpose of the MOU is to promote PETRONAS and Japanese companies' collaborative projects both inside and outside of Malaysia in a variety of sectors including value chain development of hydrogen and ammonia, renewable energy, CCS
*1, and green mobility.
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On September 19, 2022, the Government of Malaysia launched the National Energy Policy (NEP) 2022 - 2040, that sets the overarching strategic policy direction for Malaysia's energy sector. NEP reaffirmed the national commitment to energy transition, with the national goal of net zero greenhouse gas (GHG) emissions by 2050, and positioned the energy sector as a key catalyst for socioeconomic sustainability. NEP aims to unlock new growth areas in clean energy that will uplift GDP contribution, create job opportunities in clean energy, attract FDI, and strengthen both economic and fiscal sustainability of the country.
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In the Fourth Medium-term Business Plan released in June 2021, JBIC aims to respond to energy transformation toward the realization of a decarbonized society. In addition, in its ESG Policy released in October 2021, in line with the international goals to achieve the objectives of the Paris Agreement, JBIC is committed to pursuing ambitious and accelerated efforts to reduce its operational GHG emissions to net zero by 2030, and to achieve net zero emissions of its finance portfolio by 2050. The ESG policy adds that through continued engagement with the relevant national governments and authorities, JBIC will contribute to realizing global carbon neutrality by supporting and accelerating the energy transition toward a decarbonized society of emerging and developing countries. The signing of the MOU is in line with the Medium-term Business Plan and ESG Policy of JBIC.
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As Japan's policy-based financial institution, JBIC will continue to provide financial support to create business opportunities and promote business for Japanese companies in a variety of sectors including decarbonization in Malaysia, by enhancing relations with Malaysia and PETRONAS through multiple means such as the signing of MOUs.