The Western Australian government has signed a trade agreement with Japan Bank for International Cooperation (JBIC) to accelerate progress for decarbonisation and low-emission technologies in the state.
During his trade mission in Japan, Premier Mark McGowan met with JBIC Governor Nobumitsu Hayashi to discuss new energy investment opportunities in WA.
The memorandum of understanding signed by both parties is aimed at promoting cooperation in the development of emerging industries in WA, attracting greater financial investments by JBIC in new energy projects across the Australian state.
According to WA’s press release, the agreement focuses on hydrogen, ammonia, low-emission technology and decarbonisation.
WA first inked a deal with JBIC in 2011 to establish a platform for exchanging information on investment priorities and opportunities across a range of WA sectors, including minerals, energy, and other natural resources.
JBIC is a policy-based financial institution with 18 overseas representative offices and is wholly owned by the Japanese government.
The institution has provided significant financial support to a number of resource projects in WA.
In a statement, McGowan said the latest MoU with JBIC reflects WA’s strong strategic partnership with Japan, spanning more than 50 years.
“Just as Japanese investment in the late 1960s was foundational in developing the State’s iron ore industry and later the LNG sector, Western Australia is well positioned to support Japan’s transition to net zero by 2050,” McGowan said.
“I look forward to Western Australia and Japan continuing to deepen our strategic partnership into the future.”
