BAKU, Azerbaijan, November 29. Japan is exploring ways for contributing to Azerbaijan's green economy, Japan's Ambassador to Azerbaijan Junichi Wada said at an event on the "Green Corridor and Renewable Energy", Trend reports.
"Japan has a long-standing partnership with Azerbaijan in the energy sector. We're currently looking into opportunities for implementation of green economy and decarbonization projects, as well as the green hydrogen production in Azerbaijan," the ambassador noted.
He outlined the recent agreement between the Azerbaijani and Japanese governments on the Joint Crediting Mechanism.
The Joint Crediting Mechanism is a cooperation system that aims to facilitate the mitigation of greenhouse gas emissions.
In August 2022, the Japan International Cooperation Agency (JICA) allocated $114.2 million of loans jointly with the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB) and the Abu Dhabi Fund for Development (ADFD) for the construction project of a solar photovoltaic (PV) power plant in Azerbaijan.