Aboitiz Power Corporation (AboitizPower) has entered into a Memorandum of Understanding (MOU) with the Japan Bank for International Cooperation (JBIC), a public financial institution. The collaboration aims to bolster international efforts in advancing the energy transition of the Philippine power industry.
Under the MOU, AboitizPower plans to harness JBIC’s support to enhance initiatives for emissions reduction, introduce advanced transition technologies such as liquefied natural gas (LNG), and accelerate the development of renewable energy in the Philippines. In alignment with the Philippine government’s commitment to a 75% reduction in greenhouse gas emissions by 2030, AboitizPower is targeting a transformative shift in its generation portfolio. The company envisions achieving 50% renewable energy, equivalent to 4,600 megawatts, by 2030.
JBIC, in accordance with its Fourth Medium-term Business Plan and Environmental, Social, and Governance (ESG) Policy, commits to contributing to global carbon neutrality by supporting and expediting energy transition in emerging and developing nations. The MOU signing reflects the shared commitment of JBIC and AboitizPower to address climate change and promote sustainable practices in the energy sector.
The MOU also aligns with the concept of the Asia Zero Emission Community (AZEC), a framework for energy transition in Asia introduced by the Government of Japan. As a policy-based financial institution, JBIC emphasizes its dedication to creating business opportunities for Japanese companies in the decarbonization sector.
The collaborative projects outlined in the MOU aim to fortify the partnership between JBIC and AboitizPower, fostering a robust alliance for the development of sustainable energy solutions in the Philippines. The signing of the MOU signifies a crucial step towards achieving both companies’ environmental and energy goals, contributing to the global pursuit of a decarbonized society.
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 alongside the Japan Bank for International Cooperation (JBIC). The collaboration aims to propel the Philippines towards a greener future, focusing on emissions reduction, cutting-edge technologies like LNG, and expediting renewable energy initiatives. Discover how this partnership contributes to global carbon neutrality and aligns with AboitizPower's ambitious goal of achieving 50% renewable energy in its portfolio by 2030.){kind=link}