COP26: Japan pledges additional $10 billion in climate financing

Japanese Prime Minister Fumio Kishida pledged at the COP26 climate summit on Tuesday to take the lead in Asia's battle against global warming and committed up to $10 billion in new climate funding for developing nations.

The $10 billion investment would be spread out over the next five years and would be in addition to the nearly $60 billion given by Kishida's predecessor during the Group of Seven meeting in England in June.

Read more: Biden pledges to cut methane emissions by 30% by 2030 

The additional assistance would "include our contribution to the launch of an innovative financial facility for climate, as we partner with the Asian Development Bank and others to support the decarbonization of Asia and beyond," Kishida said during the meet at Glasgow.

Kishida also stated that Japan will double its support to other nations to help them adapt to the effects of climate change, to around $14.8 billion. 

Moreover, around $240 million of the fund would be put aside for worldwide forest protection.

Read more: Major banks still do fossil fuel financing, says Ex-Unilever chief Paul Polman

Japanese Prime Minister also stressed technological advantage in the key transportation sector, stating that the country's $17.5 billion Green Innovation Fund will aid in the development of next-generation batteries, motors, hydrogen, and synthetic fuels.

Japan will also create projects in Asia to convert fossil-fuel burned thermal power into zero-emission thermal power such as ammonia and hydrogen.

Read more: Amazon founder Jeff Bezos makes $2 billion environmental pledge at COP26 summit

Meanwhile, Japan has set a target of lowering greenhouse gas emissions by 46% by 2030 and attaining net-zero by 2050.

With inputs from Nikkei Asia

Picture Credits: The Japan Times