Second Asia Green Growth Partnership Ministerial Meeting (AGGPM) Held

Outline of the Chair's Summary

• We recognised the need for all countries to make efforts and contributions to achieving global carbon neutrality in the earliest possible timing in pursuing the goals of the Paris Agreement.
• We emphasised the importance of pursuing a well-balanced energy transitions while ensuring sufficient current energy supply and energy security in the med-to long-term.
• We confirmed the significance of cooperation in establishing supply chains of hydrogen and ammonia, not only to accelerate energy transitions, but also from the perspective of energy security for Asia, where energy demand is growing, and the Middle East, which has the world's largest hydrocarbon resources and is rich in renewable energy resources. We agreed that it is important to discuss future cooperation, and to confirm the significance of cooperation in building supply chains for hydrogen and ammonia, not only to accelerate energy transitions, but also from the perspective of energy security.
• We agreed the need of utilizing all technologies and fuels in order to realise energy transitions towards carbon neutrality in accordance with each country's energy situation, and that hasty transitions in the absence of alternative energy sources and solutions may lead to unintended consequences. Additionally, we confirmed the importance of promoting not only the maximum introduction of renewable energy and the effective use of natural gas and LNG as transition fuels, but also the gradual introduction of available decarbonization technologies such as co-firing and mono-firing of hydrogen, fuel ammonia, and biomass, CCUS/carbon recycling, and other innovative technologies. We stressed the need for immediate mobilization of public and private finance to achieve realistic and just energy transitions, and affirmed the importance of public finance complementing private finance for some countries and institutional risks. We welcomed the development of guidelines for "Asia Transition Finance " by the "Asia Transition Finance Study Group " led by private sector financial institutions. We welcomed the development of the guidelines and hoped that private financial institutions would make use of them. We also recognised the importance of developing realistic and viable feasible toward and plans toward carbon neutrality, as requested by the group to governments.
• We recognise the importance of government support to relevant efforts by the private sector and research institutions, and agreed to strengthen such support.
• We look forward to follow-up with the public and private sectors based on the discussions at the second AGGPM, and welcomed Japan's initiative to convene the third AGGPM in 2023.