In a significant move towards advancing clean energy initiatives, HAYASHI Nobumitsu, the Governor of The Japan Bank for International Cooperation (JBIC), and Tim Reid, Chief Executive of UK Export Finance (UKEF), inked a Memorandum of Understanding (MOU) on November 21. This historic agreement, signed during the 28th annual meeting of the Asian EXIM Banks Forum, aims to foster collaborative efforts in promoting clean energy and various businesses not only within the United Kingdom but also in third countries.
Established in 1919, UKEF holds the distinction of being the world’s first export credit agency. It plays a pivotal role in supporting export transactions by UK companies through a range of financial instruments such as loans, guarantees, and insurance. UKEF also actively champions the export policy of the Government of the United Kingdom. The collaborative spirit between Japan and the United Kingdom was further solidified with the issuance of the Hiroshima Accord during the G7 Hiroshima Summit in May 2023. This accord laid the foundation for an Enhanced UK-Japan Global Strategic Partnership, emphasizing joint efforts to expedite the deployment of renewable energy technologies.
The MOU signed between JBIC and UKEF is specifically designed to intensify cooperation in the energy sector, encompassing offshore wind power generation, hydrogen and ammonia projects, and the development of highly efficient transmission and distribution networks. The geographical scope of this collaboration extends to diverse regions, including the Indo-Pacific, Africa, Central Asia, and Eastern Europe. The primary objective is to catalyze the energy transition towards a cleaner and more sustainable future.
Beyond clean energy, the two institutions commit to collaborating on infrastructure development aligned with achieving Sustainable Development Goals (SDGs). Additionally, they will jointly contribute to recovery and reconstruction efforts in Ukraine, emphasizing their commitment to global stability and development.
The strategic partnership is anticipated to facilitate the structuring of projects, providing crucial support to Japanese and UK companies. This collaboration not only strengthens economic ties between the two nations but also underscores their shared commitment to addressing global challenges through sustainable business practices.
As the policy-based financial institution representing Japan, JBIC reaffirms its dedication to supporting the creation of business opportunities and promoting Japanese companies’ interests. The collaborative approach with overseas policy-based financial institutions remains a cornerstone of JBIC’s strategy, contributing to the ongoing development of economic relations between nations. (GT)
