As Asia gears up for the COP29 climate conference, the dynamics of climate action in the region are evolving, particularly between China and Japan. Japan's commitment to reducing its domestic carbon footprint is increasingly at odds with its investments in liquefied natural gas (LNG) projects across South and Southeast Asia. The 17th China-Japan Comprehensive Forum on Energy Conservation and Environmental Protection recently signed 27 new projects aimed at enhancing cooperation in energy conservation and environmental protection [3b0acead].
While Japan's emissions have seen a decline of 2.5% for the year ending March 2023, its ongoing LNG development undermines these efforts. The Japan Bank for International Cooperation has issued approximately $3.3 billion in loans for LNG projects since the Paris Agreement, with investments flowing into countries like Bangladesh, the Philippines, Thailand, and Vietnam. These actions raise concerns about Japan's commitment to global climate goals, as they contradict the push for renewable energy [3b0acead].
In contrast, China is making significant strides in its climate commitments, aiming to peak emissions before 2030 and achieve carbon neutrality by 2060. This is particularly crucial as China accounted for 53.8% of the world's coal consumption in 2022. The nation is also investing heavily in renewable energy, with plans to produce 5 million tonnes of green hydrogen by 2030 [4d4b9465].
The shift towards renewable energy is becoming more pronounced, with costs for solar power and other renewables dropping significantly, making them more competitive against fossil fuels. This trend is evident in India, where solar tariffs have fallen to less than 2 rupees (approximately US$0.02) per kWh [4d4b9465].
As the COP29 conference approaches, the spotlight will be on how Japan reconciles its LNG investments with its climate commitments, especially in light of the growing climate action momentum in China and other Asian nations. The need for innovative policies and collaborative efforts will be critical in navigating this complex landscape [4d4b9465][3b0acead].