- Region: Asia
- Energy and Natural Resources
- Infrastructures
- Environment
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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on May 16 a memorandum of understanding (MOU) with the State Oil Company of the Azerbaijan Republic (SOCAR), taking the opportunity of the Annual Meeting of the European Bank for Reconstruction and Development (EBRD) held in Uzbekistan. The objectives of the MOU include promoting cooperation in the decarbonization sector.
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One of the fundamental elements of SOCAR's corporate strategy until 2035 is to contribute toward the realization of a sustainable society through low-carbonization efforts for its business, including renewable energy development. Also, 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.
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With this MOU between JBIC and SOCAR, under which cooperation is to be developed and strengthened through the exchange of information on the introduction of low-carbonization technologies, including CCS*1 and CCUS*2, and on projects related to hydrogen, ammonia, etc. in the global trend of decarbonization, JBIC aims to accelerate the structuring of projects that will contribute toward promoting collaboration between SOCAR and Japanese companies and realizing a decarbonized society.
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As Japan's policy-based financial institution, JBIC will continue to support the creation of business opportunities for Japanese companies through strengthened cooperation with important partners in the decarbonization sector.
Note
- *1
Carbon dioxide Capture and Storage (CCS) is a technology that separates and captures carbon dioxide that would become a greenhouse gas, and stores it in deep waterbeds or geological formations.
- *2
Carbon dioxide Capture, Utilization and Storage (CCUS) is a technology that separates, captures, and stores carbon dioxide that would become a greenhouse gas, and utilizes it.