Japan Supports Millions of Tons of Carbon Pollution
WASHINGTON, D.C. – Friends of the Earth U.S. today revealed that the Japanese government’s two export credit agencies — Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI) — continue to fund some of the world’s dirtiest coal plants. Despite international restrictions on coal financing by export credit agencies, JBIC and NEXI have provided USD 1.7 billion every year to prop up coal projects that otherwise might not go forward from 2013 to 2015.
This new paper reveals that since international coal financing restrictions at the Organization for Economic Cooperation and Development (OECD) went into effect, JBIC and NEXI have agreed to support five coal plants and are considering another seven. These coal plants will have a combined capacity of almost 12,000 megawatt. If completed, they could emit up to 71.3 million metric tons of CO2 annually — equivalent to the per capita emissions of 7.4 million people in Japan. Most recently, JBIC agreed to support the Nghi Son 2 coal plant in Vietnam in direct violation of the OECD coal restrictions.
Kate DeAngelis, senior international policy analyst at Friends of the Earth U.S., issued the following statement:
The Japanese government continues to provide an irresponsible lifeline to an otherwise dying coal industry. It is truly one of the world’s worst climate offenders. Without the support of the Japanese government, many of the proposed coal plants in Vietnam, Indonesia, and elsewhere would not go forward. Prime Minister Shinzo Abe’s words about the need to address climate change are thoroughly vacuous and hypocritical as long as his government continues to prop up coal to the tune of billions of dollars throughout the world.