Aboitiz Power Corporation (AboitizPower) has entered a Memorandum of Agreement (MOA) with the Japan Bank for International Cooperation (JBIC) to strengthen collaboration in harnessing the potential of the country’s energy industry.
Aside from strengthening the partnership between the two companies, the MOA would also follow the policies set by the government and AboitizPower.
Recently, the government announced its goal to reduce greenhouse gas (GHG) emissions to 75% by 2030 under the Nationally Determined Contributions (NDC) submitted to the United Nations Framework Convention on Climate Change (UNFCCC) in April 2021.
Taking part in the goal, AboitizPower is focused on achieving decarbonization by utilizing liquefied natural gas (LNG) as a transition fuel in order to achieve the 50% target by 2030.
The JBIC shared the same vision of decarbonization as it released an Environmental, Social, and Governance (ESG) framework that focused on reducing its GHG emissions to net zero by 2030 and achieving a net zero portfolio by 2050.
In addition to reducing its own emissions, the bank would also help developing countries in their decarbonization goal as it aligns with the notion of the Asia Zero Emission Community (AZEC) released by the Japanese government as a framework for energy transition in Asia.