Japan is ready to exploit a sharp decline in China’s overseas lending by helping Asia-Pacific countries address the $40tn cost of combating climate change.
Asia accounts for roughly half of global carbon emissions and is home to the world’s youngest generation of coal power plants. Rich nations have been accused of not providing enough financial support to help developing countries make a green energy transition.
Tokyo’s efforts to take the lead in rulemaking for green financing in Asia come amid a global debate about how quickly countries should shift to cleaner forms of energy in the wake of the war in Ukraine and the energy crisis.
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