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Finance

Japan, ADB to set up fund encouraging green development

TOKYO -- The Japanese government and the Asian Development Bank will forge a comprehensive partnership aimed at encouraging Asia's emerging countries to use environment-friendly technologies for their development projects.

     Japan's Environment Ministry and the ADB will set up a fund through which Japan will extend financial aid to development projects using advanced green technologies. The funding will come in addition to lending already offered by the bank for such projects. To qualify for aid, projects need to use technologies designed to combat global warming, prevent water and air pollution and preserve biodiversity.

     Environment Minister Nobuteru Ishihara and ADB President Takehiko Nakao will sign a memorandum of agreement Wednesday evening.

     To set up the fund, the ministry will contribute 1.8 billion yen ($17.5 million) to the ADB in this fiscal year's budget, with plans calling for providing the same amount next year, as well. Japan will also offer technological expertise on improving fuel efficiency at factories and generating renewable energy.

     Japan will next spring convene a meeting of policymakers from emerging and developing countries in Tokyo, where it will share the lessons it learned and knowledge it gained from combating pollution in the 1960s and '70s.

(Nikkei)

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