Japan Commits $28 Trillion to Carbon Removal in Asia

Japanese Prime Minister Fumio Kishida pledged on Monday that his country would take the lead in carbon removal efforts in Asia.

He made this announcement during a multinational forum in Tokyo, focusing on discussions regarding carbon removal measures.

The forum included nine countries from the Association of Southeast Asian Nations (ASEAN), excluding Myanmar, as well as Australia.

Japan, as reported by the Japanese news agency Kyodo, aims to establish a substantial carbon removal market capable of attracting investments from around the world to Asia.

Kishida emphasized that reducing carbon emissions is a shared challenge for the region.

Kishida stated that there is a need for $28 trillion to facilitate carbon removal in Asia.

He also committed to launching a new organization to support member countries in the "Asian Zero Emissions Association" to implement necessary policies for achieving carbon neutrality.

In a joint statement released after the first-ever summit of the "Asian Zero Emissions Association (AZEK)," the leaders announced their agreement to pursue carbon removal efforts through various means, tailored to each country's circumstances and starting points.

In the financial sector, Kidenrin Masakazu Tokura, the head of the Japan Business Federation, stated on Monday that the Bank of Japan should normalize its monetary policy shortly.

In his remarks during the first day of the Bank of Japan's policy-setting meeting, Bank of Japan Governor Kidenrin suggested that the central bank's negative interest rate policy should be gradually phased out in the not-so-distant future.