The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on November 15 a Memorandum of Understanding (MOU) with the Ministry of Energy Transition and Sustainable Development (Ministère de la Transition Énergétique et du Développement Durable, MTEDD) of the Kingdom of Morocco (Morocco) to strengthen the partnership between the two parties, taking the opportunity of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) being held in the Republic of Azerbaijan.
The MOU aims to expand opportunities for Japanese companies to invest in Morocco's challenges in the areas of energy transition and sustainable development as well as provide financial solutions and establish a comprehensive framework for cooperation in these areas. The cooperation, particularly covering such areas as renewable power generation, transmission and distribution, decarbonization of industrial supply chains, energy efficiency, development of climate-resilient infrastructure, sustainable waste management in the context of the circular economy, development of international integrated hydrogen and ammonia supply chains, as well as AI, semiconductors, and digital infrastructure, is expected to create business opportunities for Japanese companies in Morocco.
The government of Morocco has promoted industrial decarbonization with the announcement of the National Low Carbon Strategy 2050 in 2023. The MTEDD is responsible for implementing policies and guidelines related to energy transition, mining, the environment, and sustainable development in line with this initiative. Against this backdrop, Japanese companies are expected to provide technology and participate in business activities to solve issues related to energy transition and sustainable development.
In the Fifth Medium-Term Business Plan, released in June 2024, JBIC aims to contribute toward realizing both carbon neutrality and economic growth. In addition, in its ESG Policy, released in October 2021, it is committed to pursuing ambitious and accelerated efforts to reduce its operational greenhouse gas (GHG) emissions to net zero by 2030 and achieve net zero emissions of its finance portfolio by 2050. The ESG Policy states that JBIC will contribute toward realizing global carbon neutrality by supporting and accelerating energy transitions toward a decarbonized society in emerging and developing countries. The signing of the MOU is in line with the Medium-Term Business Plan and the ESG Policy of JBIC.
As Japan's policy-based financial institution, JBIC will continue to work closely with overseas governments and governmental agencies, thereby contributing toward creating business opportunities for Japanese companies as well as maintaining and improving the international competitiveness of Japanese industry.
