Japan Plans Climate Financing Initiatives

Japan recently said that it plans to provide 1.3 trillion yen ($10.6 billion) in climate financing a year for developing countries from 2020. This would include both public and private funds. Prime Minister Shinzo Abe made this announcement as he gets ready to join over 100 world leaders in Paris to negotiate an agreement to limit climate change.

As he said, “Our country attaches importance to the participation of all countries in a new international framework.”

The new plan would be an increase from the current 1 trillion yen ($8.2 billion) a year that they give now. As Japan’s chief negotiator in the talks, Atsuyuki Oike said, “I think we are on the right track and I hope our contributions will be a big step forward.”

He explained that the ratio of public to private funding was not yet decided.

Japan has committed to reducing carbon emissions from their 2013 levels by 26% by 2030. While they have drawn criticism for being less ambitious than other countries, Oike has countered by saying, “Our efforts are very much substantial and ambitious. That is what we believe.”

Learn more by reading the whole article.

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