In the fight against climate change, every nation plays a crucial role. Japan, one of the current top global players in financial investments in fossil fuels, stands at a critical juncture. 2024 has been the hottest year on record, and we are fast approaching COP29, the arena in which the new global climate finance goal or NCQG (New Collective Quantified Goal) will be agreed upon.
The “Yen for Climate” campaign urges Japan to divert its energy investments away from fossil fuels and towards alignment with global climate commitments, like last year’s COP28 agreement to triple renewable energy capacity by 2030.
The first demand of the “Yen for Climate” campaign is for the Japanese government to contribute to the agreement on the “New Collective Quantified Goal on Climate Finance (NCQG)” to be negotiated at COP29. This climate finance contribution should reflect Japan’s responsibility for the fossil fuel proliferation that has caused climate crises throughout Asia and the world.
The first demand of the “Yen for Climate” campaign is the full exclusion of harmful energy solutions from future projects funded by the Asian Development Bank (ADB)
Secondly, this contribution to new climate finance must be accompanied by the immediate end of support of fossil fuel projects, including fossil gas and greenwashing technologies that conserve fossil fuels, such as ammonia co-firing, carbon capture usage and storage (CCUS), and nuclear power, and instead support local citizen-led solar and wind projects. The full exclusion of false solutions must also include exclusion of investment in false solutions overseas.
The third demand is a critical one: the Japanese government should expand financial support, not only for renewable energy projects and the NCQG, but also for adaptation and pay up for loss and damage largely caused by fossil fuel combustion in the Global North, including Japan. This requires shifting from loans to grants that do not burden recipients with debt, while loans can place a financial strain on countries, particularly those already struggling economically.
The final demand emphasizes the importance of community consultation and consent in all energy projects. Local communities should be actively involved in decision-making processes, ensuring that their rights and livelihoods are protected.
The final demand emphasizes the importance of community consultation and consent in all energy projects. Local communities should be actively involved in decision-making processes, ensuring that their rights and livelihoods are protected. This participatory approach not only respects the autonomy of communities but also leads to more sustainable and acceptable project outcomes. Projects imposed without community consent often face resistance and can lead to social conflicts and environmental degradation.
Japan, despite its advanced economy and technological prowess, remains one of the world’s leading investors in fossil fuel projects. These investments contribute significantly to the climate crisis, environmental destruction, and human rights abuses.
Japan, despite its advanced economy and technological prowess, remains one of the world’s leading investors in fossil fuel projects, and its “Global Gas Empire” faces international criticism. These investments contribute significantly to the climate crisis, environmental destruction, debt burden, and human rights abuses. At the last UN climate conference, COP28 in Dubai, governments, including Japan, committed to tripling renewable energy capacities by 2030 and transitioning away from fossil fuels.
It is now crucial for Japan to translate these commitments into action. At the upcoming COP29 in Azerbaijan, a new global finance goal, also known as NCQG, will be agreed. Japan must make an adequate contribution to this goal in correlation with its historic contributions to the fossil fuel economy, as well as allocate significant funds towards loss and damage for countries that are on the frontlines of the climate crisis.
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Redirecting Japan’s financial support towards fair, safe, and affordable renewable energy and energy conservation is not just a moral imperative but also a strategic necessity. The era of funding fossil fuels and greenwashing technologies must come to an end, not only for environmental justice but also for economic rationality. By embracing clean energy solutions, Japan can lead by example, demonstrating a commitment to global climate goals and contributing to the formation of a new long-term climate finance goal.
The “Yen for Climate” campaign is a call to action for Japan to realign its financial strategies with global climate objectives. By excluding harmful energy projects, ensuring transparency and equity, supporting the Global South, and valuing community input, Japan can play a pivotal role in advancing global climate goals.
The “Yen for Climate” campaign is a call to action for Japan to realign its financial strategies with global climate objectives. By excluding harmful energy projects, ensuring transparency and equity, prioritizing grants over loans, supporting the Global South, and valuing community input, Japan can play a pivotal role in advancing global climate goals.
Dear Prime Minister of Japan, and the Minister of Foreign Affairs, it’s time for Japan to embrace this transformative shift by COP29. Investing in renewable energy and energy conservation will not only address the climate crisis but also promote a more equitable and sustainable world. The choice is clear: Japan must redirect its financial support towards a greener future and lead the charge towards a more sustainable global energy landscape.