[Title] Speech by Prime Minister KISHIDA Fumio at the Inclusive Forum on Carbon Mitigation Approaches (IFCMA) Ministerial Dialogue

Good morning, Secretary General Cormann, ministers, ambassadors, distinguished delegates, ladies and gentlemen. It is an honor to co-host the first ministerial dialogue of the Inclusive Forum on Carbon Mitigation Approaches (IFCMA) with Secretary General Cormann today.

At COP28, we concluded the first ever Global Stocktake. However, the world is not yet on the pathway to 1.5 degrees target. Tackling climate change is a global issue that requires immediate action by the international community. Every country needs to strive to achieve the common goal of net-zero through various pathways steadily.

IFCMA is the OECD flagship initiative, encouraging countries to adopt appropriate climate mitigation policies taking into account their own circumstances through better data sharing, evidence-based mutual learning, and inclusive multilateral dialogue. The work on estimating effects of mitigation policies on emissions reduction and exploring methodologies for computing carbon intensity metrics is currently going on under the initiative. Japan greatly appreciates that the OECD is working side-by-side with other international organizations to proceed with IFCMA's work.

Japan has supported this initiative, which is open to all countries regardless of OECD membership, since its establishment. We welcome the growing number of participating countries which now stands at 58, with more countries considering participating. Today's launch of this Ministerial Dialogue to further strengthen and accelerate IFCMA's efforts is of great significance, and we strongly support it.

Japan also has provided financial support for IFCMA's efforts. In 2024, Japan will continue its financial support to IFCMA's activities, following on from similar support in 2022 and 2023. We will also support IFCMA's collaboration with other international organizations.

Emissions reduction is a very important issue for Japan. Japan aims to reduce its greenhouse gas emissions by 46 percent in fiscal year 2030 and will continue striving in its challenge to meet the lofty goal of cutting its emissions by 50 percent. Japan is also implementing its pro-growth carbon pricing concept based on the Green Transformation (GX) Promotion Act. Last February, Japan issued the world's first sovereign transition bond certified by global standards. We also plan to formulate a new "GX National Strategy". Japan will strive to simultaneously achieve the three goals of emissions reduction, stable energy supply, and economic growth, thereby contributing to global decarbonization.

I would like to close by wishing all of you a fruitful dialogue so that all countries, in cooperation with the OECD, work together to address climate change issues, a common challenge to the humanity.

Thank you.