JAPAN BOOSTS NEW ENERGY

Japan Ups Stake In Renewables
Shihoko Goto, May 7, 2007 (UPI)

WHO
Japanese government (Finance Minister Koji Omi), Asia Clean Energy Fund, Investment Climate Facilitation Fund

WHAT
Japan will, over 5 years, provide $2 billion in low-interest loans and contribute $100 million to the two Asian funds as investment in the development of renewable energy as a means to reverse climate change.

WHEN
The announcement was made May 6 at the annual meeting of the Asian Development Bank (ADB). The original Kyoto Protocol was signed December 11, 1997.

WHERE
The announcement was made in Kyoto, a city in western Japan.

WHY
- Kyoto was where the first international agreements were made on measures to counteract climate change. Asian energy consumption, up 230% in the last 30 years, will double by 2030. Asia now creates 25% of world greenhouse gas emissions. This Japanese contribution to combat climate change is the single largest ever.
- Critics point out Japan continues to fund coal projects. There is also skepticism the money can be invested in the 5-year allowed window.
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QUOTES
- Omi: "Each country should recognize the issue (of climate change) as their own challenge…"
- Washington-based World Resources Institute: "Ecosystems must be viewed as huge capital assets, affected by nearly all development and investment decisions…"
- Catherine Pearce, Friends of the Earth: "…by introducing measures and investment that will stimulate sustainable renewable energies and energy efficiency, governments can help to achieve cuts in global emissions by 50 percent by 2050."