The European Investment Bank (EIB) and Japan Bank for International Cooperation (JBIC) have agreed to further expand cooperation on a range of globally relevant investments across the globe, including offshore wind.
This includes identifying co-financing projects contributing to carbon neutrality in the European Union, such as subsea interconnectors, offshore wind plans, battery storage facilities and hydrogen technology development.
In Asia, Africa and the EU neighbouring countries, the EIB and JBIC have agreed to cooperate on co-financing of connectivity (transport, energy and digital) projects.
The two banks will also cooperate on developing innovative projects across the globe relevant to implementation of UN sustainable development goals (SDGs), including investment in projects on sustainable oceans and the prevention of marine pollution.
The agreement was formalised by expanding the Memorandum of Understanding (MoU) signed between JBIC and the EIB in 2018.
EIB vice-president Ambroise Fayolle and Deputy Governor of JBIC Nobumitsu Hayashi signed the new, extended MoU on 22 October 2021.
Fayolle said: “As the bank of the European Union, the EIB is happy to strengthen our good relationship with Japan, further our cooperation and unlock new, more affordable financing for investments in sectors key to the success of global climate action, faster COVID-19 recovery and sustainable development.
“We are proud to have partnered with JBIC as this partnership will contribute towards a more sustainable, green and modern world economy.”
Hayashi added: “JBIC is pleased to expand the Memorandum of Understanding with the EIB, which contributes to economic integration and balanced development both in Europe and beyond.
“Since the signing of the Memorandum of Understanding in October 2018, JBIC and the EIB have held successive discussions at various levels to specify the scope of collaboration and enhance cooperation.
“We believe that this expanded MoU will further strengthen cooperation between the two policy-based public financial institutions in areas such as climate and environmental change measures in which Japan and the European Union will play a leading role.”