JBIC and Western Australia deepen energy ties

The government of Western Australia (WA) and the Japan Bank for International Cooperation (JBIC), a policy-based financial institution wholly owned by the Japanese Government, have signed a Memorandum of Understanding (MoU) that focuses on hydrogen, ammonia, low-emission technology, and decarbonisation.

Archive / Illustration / Courtesy of Woodside

The WA government said that MoU will promote cooperation in the development of emerging industries in WA, helping to encourage greater financial support by JBIC in new energy projects across the state.

WA Premier Mark McGowan said: “The MoU signed with JBIC recognises our strong strategic partnership with Japan spanning more than 50 years, and charts a course for new opportunities into the future.”

“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.”

“I look forward to Western Australia and Japan continuing to deepen our strategic partnership into the future.”

The two parties first signed a MoU in 2011, which according to WA, provided a platform to exchange information on investment priorities and opportunities across a range of WA sectors, including minerals, energy, and other natural resources, with JBIC providing significant financial support to a number of resource projects in WA.

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