Video Message by Prime Minister KISHIDA Fumio at the GFANZ Japan Chapter Inaugural Event
June 9, 2023
Good evening, everyone. Thank you for this opportunity to address you at the GFANZ Japan Chapter inaugural event.
I understand that this is the first country chapter of GFANZ, which was established to achieve transition to a net-zero future. This is an honor as it means that the efforts of Japanese financial institutions toward decarbonization have been recognized.
GFANZ has been tackling climate change, which is a common challenge for all humankind, by providing a forum for financial institutions. In order to transition to a decarbonized society toward carbon neutrality around the world, unprecedented amount of capital will be required; therefore, I believe that financial institutions play significant roles in achieving decarbonization.
Japan has also set a goal of carbon neutrality by 2050. In February this year, the Government of Japan drew up a basic policy aimed at implementing the green transformation (GX) with a view to achieving both decarbonization and economic growth, and the GX-related bills were passed last month. In order to achieve this ambitious goal, we will mobilize the GX investment of more than 150 trillion yen both by public and private sectors over the next 10 years, through growth-oriented carbon pricing scheme based on these bills.
Japan will expand these initiatives to Asia and move toward the realization of the Asia Zero Emission Community. We will contribute to decarbonization in Asia by creating new projects with the technology and experience Japan has developed, including in the use of hydrogen or ammonia.
In addition, we believe that it is important to promote finance toward decarbonization so that Japan's financial market can establish itself as one of the world's leading international financial centers. We are advancing initiatives to make Japan a hub for GX in Asia; in particular, based on "Doubling Asset-based Income Plan," we will move 2,000 trillion yen of household financial assets, the majority of which are deposits, into investment. Through this plan, I hope to maximize the ability of investment, which will lead to solving social issues.
We share the goal of achieving sustainability. The Government of Japan will deepen its cooperation with a wide range of partners and move forward together toward that goal.
Thank you for your attention.