"The World and Japan" Database (Project Leader: TANAKA Akihiko)
Database of Japanese Politics and International Relations
National Graduate Institute for Policy Studies (GRIPS); Institute for Advanced Studies on Asia (IASA), The University of Tokyo

[Title] Remarks by Foreign Minister Kono at One Planet Summit

[Date] December 12, 2017
[Source] Ministry of Foreign Affairs of Japan
[Full text]

All policy measures must be mobilized to scale up climate finance. We have to put "all hands on deck" for the fight against climate change. Japan will lead the world in scaling up climate finance not only through financial mechanisms but also through its advanced technology and innovation.

Responding to key points raised for this session, I will highlight three approaches effective for scaling up climate finance, based on Japan's initiatives and its collaboration with other countries and entities.

First, we, governments, must forge a stronger partnership with financial markets, investors and companies. In Japan, GPIF, world's largest pension fund, is spearheading efforts to promote ESG focused investment.

Many companies have started to align their management policy with the 2C target under the Paris Agreement, supporting Science Based Target. 14 Japanese companies are already approved by SBT, and the government is supporting further registration. We aim for 100 companies to be approved by March 2020, in time for the Tokyo Olympics.

In addition, Tokyo Stock Exchange launched Infrastructure Fund Market in 2015, specialized in financing renewable energy, and four funds have already been created.

Collaboration with international financial organizations is also a key. As a leading contributor to the Green Climate Fund (GCF), Japan strongly supports the adoption of GCF projects with particular focus on the Pacific Island countries vulnerable to climate change. The government has already hosted a number of business dialogue between GCF and companies, and will expand such cooperative network.

The second effective approach is to enhance resilience of countries, cities and region through addressing climate fragility risks.

Better understanding climate impact on social economy is critical for building resilient social infrastructure. Together with France and other G7 members, Japan contributes to G7 discussion on climate change and fragility. We presented a report on the impact of climate change on natural disasters and social economy in Asia-Pacific at G7 and COP23. Japan will hold an international conference in 2018 to further examine this issue.

Third, we must be more creative in connecting science and innovation to climate business. Without doubt, science is crucial for taking robust climate actions, repelling any skeptic views on climate change. But we have to do more and better. Advanced technology and innovation can play a critical role in creating business and scaling up climate finance and investment opportunities.

In this regard, Japan supports CREWS for strengthening early warning systems related to climate risks. Japan will expand its cooperation with CREWS by joining its project on disaster management in the Pacific, and through financial support.

These efforts will connect scientific findings to various adaptation efforts so as to create resilient economy and achieve sustainable development objectives.

To reinforce such scientific endeavors for climate action, Japan will launch two observation satellites: GCOM-C on climate change on December 23, and GOSAT-2 on greenhouse gases in FY2018.

Japan also leads the world in hydrogen energy technology. The 2020 Tokyo Olympics will be a showcase of Hydrogen Society, and present a vision for sustainable society towards the subsequent Paris Olympics.

Toyota's Fuel Cell Vehicle MIRAI is cruising not only on the streets of Tokyo but also at the COP23 in Bonn. 40 thousands MIRAI will be introduced and approximately 160 hydrogen refueling stations built by 2020. We will build an international hydrogen supply chain with the cooperation of countries like Brunei and Australia.

Advanced technologies are not limited to developed countries as means for creating investment opportunities. In Mozambique, biofuel production technology funded by Japan's SATREPS R&D program contributes to CO2 reduction and industry creation. The jatropha biofuel technology introduced by Japanese universities not only brought electricity but also created local logistics and e-banking businesses in the region.

Last but most importantly, long-term vision aligned with the Paris Agreement is critical for effectively scaling up climate finance. Japan is now preparing its long-term strategy that leads to economic growth. Through devising respective strategies, we all strive to tackle the global challenge of climate change, thus securing the future of our one and only planet.