Isramart: Japan funds Low-Carbon Model Town Project in APEC

Isra-Mart news:
Japan has donated JPY360,000,000 (approximately USD3.9 million) to promote energy efficiency activities and low-carbon measures in APEC.

In particular, the funds will be used to support a low-emission urban development initiative approved by APEC Energy Ministers at their meeting in Fukui today.

“The Low-Carbon Model Town Project aims to introduce low-carbon technology at the level of society and not that of individual products. Over the next three years, APEC will select between 10 to 20 locations and conduct feasibility study projects to transform these cities into low-carbon cities,” said the Chair of the meeting, Japan’s Minister for Economy, Trade and Industry, Mr Masayuki Naoshima.

The fund will also complement APEC’s existing capacity building activities on energy efficiency, the development and implementation of alternative energy sources, and the promotion of trade and investment in environmental goods and services.

“I hope that this fund will accelerate the low-carbon transformation and contribute to energy security in the region,” explains Minister Naoshima.

APEC Executive Director, Ambassador Muhamad Noor welcomed the contribution saying, “APEC’s objective is to build prosperous regional economies. Activities supported by the fund will help APEC members achieve economic growth that is environmentally sustainable and create new opportunities for �green’ industries.” Japan’s contribution will be distributed through APEC’s Sub-Fund on Energy Efficiency which was established in 2009 when Japan made an initial donation of JPY 120,000,000. Chinese Taipei and the United States have also contributed to the sub-fund.

The donation was made under a Memorandum of Understanding signed today by Minister Naoshima and Ambassador Muhamad Noor at the close of the 9th APEC Energy Ministers’ Meeting.