Japan commits $70 billion for climate initiatives in developing countries at COP29

Japan has pledged $70 billion in public and private funding to support climate initiatives in developing countries through 2025, as announced by Japanese Environment Minister Keiichiro Asao during his national statement at the COP29 summit in Baku.

"In order to achieve the goal of keeping global warming within 1.5°C, it is necessary to create a framework in which the international community acts together. Especially important is the contribution of countries with appropriate capabilities and mobilisation of private finance," Asao stated, Caliber.Az reports citing local media.

The minister emphasized the necessity of setting economically broad targets to reduce greenhouse gas emissions and called for major economies to adopt absolute reduction targets. Japan, he said, continues to realize its commitments to reduce emissions under its current Nationally Determined Contribution (NDC) and aims for carbon neutrality by 2050. Asao also announced that Japan will unveil a new, ambitious NDC in February next year, in line with the 1.5°C global temperature rise limit.

Additionally, Asao underscored the importance of implementing Article 6 of the Paris Agreement, which deals with high-quality carbon markets and encourages private financing for decarbonisation technologies. "Japan will promote global decarbonisation through the Joint Crediting Mechanism (JCM) and continue to promote international efforts for the successful completion of COP29," he concluded.

Earlier, Singapore's Minister for Sustainable Development and Environment, Grace Fu, also made a significant climate-related announcement. Delivering her statement on the previous day, Fu revealed that Singapore is ready to commit up to $500 million for climate projects under the FAST-P (Financing Asia's Transition Partnership) programme. "These funds will be used to leverage additional concessional capital from public, private and philanthropic sources, which will be an important catalyst for increased private investment in green and transition projects," Fu said.

Fu also highlighted Singapore’s success in increasing its solar energy deployment by five-fold since 2019, despite the country's constraints on alternative energy. "The country is actively working to improve energy efficiency across all sectors of the economy, including industry and transport," she added. The Minister further emphasized the importance of cross-border cooperation in addressing climate change. "Climate change has no borders, and cross-border cooperation is essential to achieve global goals," she noted.

The COP29 summit, held at Baku Stadium from November 11 to 22, is Azerbaijan’s first time hosting a COP conference, marking the country's largest international event to date. The summit's key focus includes establishing a New Collective Quantitative Goal (NCQG) for climate finance and introducing 14 initiatives aimed at integrating climate action with the UN Sustainable Development Goals (SDGs). These initiatives cover areas such as green energy corridors, climate resilience, clean hydrogen, and green digital technologies.

Azerbaijan reaffirmed its commitment to global climate action, with President Ilham Aliyev underscoring the country’s central role in sustainable development. "Azerbaijan's hosting of COP29 shows our determination to be at the forefront of the fight against climate change," he stated. The unanimous selection of Azerbaijan to host the summit reflects the international community's confidence in the country's leadership on climate issues.

By Tamilla Hasanova