JBIC Governor MAEDA’s Video Message for LNG Producer-Consumer Conference 2020 | JBIC Japan Bank for International Cooperation

JBIC Governor MAEDA's Video Message

MAEDA Tadashi, Governor of the Japan Bank for International Cooperation (JBIC), sent a video message for LNG Producer-Consumer Conference 2020, which will be jointly hosted by the Japanese Ministry of Economy, Trade and Industry and the Asia Pacific Energy Research Centre (APERC) on October 12, 2020. The video message is available on the LNG Producer-Consumer Conference 2020 website.

The LNG Producer-Consumer Conference is an international event annually held by host countries Japan and Qatar since 2012. It is a platform for LNG producer and consumer countries to share their long-term outlook on LNG demand and supply and to cooperate for transparency in the LNG market. At past conferences, which have attracted more than 1,000 participants every year, including cabinet ministers from approximately 30 countries and regions, the participants actively discussed issues pertaining to the LNG market as well as actions that producers and consumers should take to make the market more transparent and sustainable. In 2020, the 9th LNG Producer-Consumer Conference will be held online for the first time due to the COVID-19 pandemic.

In the video message, Governor MAEDA made three particular remarks as follows with regard to JBIC's efforts toward ensuring flexibility of the LNG market, given the wave of de-carbonization.

ESG is an irreversible trend. A certain transitional period is necessary for de-carbonization, and during this period, it is important to utilize LNG, which has relatively low CO2 emissions.
JBIC actively supports LNG-related infrastructure projects, including gas-to-power projects and LNG receiving terminal projects, particularly in Asia where the demand for energy is growing, to encourage the transition to LNG and to contribute toward reducing global CO2 emissions.
The keys to further development of the LNG market are the diversification of pricing mechanisms, flexible supply of LNG, and competitive prices. It is particularly important to be more mindful of renewable energy prices and to set LNG prices to be as competitive as renewable energy resources in order to fully utilize LNG. JBIC will continue to support LNG projects to contribute toward enhancing the flexibility of the LNG market.

Japan, which has more than 50 years of experience in LNG imports, is the world's largest importer of LNG. JBIC has been supporting LNG projects globally since the 1970s and will utilize the insight it has gained through this experience to actively provide support for the development of the LNG market, which will lead to securing stable energy supplies for Japan. JBIC will also actively support energy resource projects of the future such as hydrogen, as well as renewable energy projects such as solar, wind, and geothermal power projects.