The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed a Memorandum of Understanding (MOU) with San Miguel Corporation (San Miguel), a Philippine conglomerate that operates various businesses, such as electricity, infrastructure, and food and beverage businesses, to strengthen the partnership between the two organizations.
The Government of the Philippines announced its greenhouse gas (GHG) emissions reduction target of 75% with international support (compared to BaU*1) by 2030 under its Nationally Determined Contribution (NDC) submitted to the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat in April 2021, and it set infrastructure improvement in areas such as electricity and public transportation as one of its major policy goals. Against this backdrop, San Miguel, a leading company in the country’s highly privatized infrastructure sector, has been focusing on enhancing investment in renewable energy and introducing technologies to reduce GHG emissions to realize net zero emissions in the group by 2050. The purpose of the MOU is to promote San Miguel and Japanese companies’ collaborative projects in the Philippines by strengthening the cooperation between JBIC and San Miguel in the areas mentioned above. Also, the signing of the MOU is in line with the policies of the Government of the Philippines and San Miguel.
In the Fourth Medium-term Business Plan, released in June 2021, JBIC aims to respond to energy transformation toward the realization of a decarbonized society. In addition, in its ESG Policy released in October 2021, JBIC is committed to pursuing ambitious and accelerated efforts to reduce its operational GHG emissions to net zero by 2030 and to achieve net zero emissions of its finance portfolio by 2050. The ESG Policy states that JBIC will contribute toward realizing global carbon neutrality by supporting and accelerating the energy transition toward a decarbonized society in emerging and developing countries. The signing of the MOU is in line with the Medium-term Business Plan and ESG Policy of JBIC. In addition, the MOU aligns with the concept of the Asia Zero Emission Community (AZEC) released by the Government of Japan as a framework for energy transition in Asia.
As Japan's policy-based financial institution, JBIC will continue to support the creation of business opportunities for Japanese companies through strengthened cooperation with important partners in the decarbonization sector.
