November 14, 2023
TOKYO – The Japanese and South Korean governments are set to strengthen economic cooperation in the field of decarbonization, according to sources close to both parties.
The two countries are looking to deepen collaboration between the public and private sectors to promote the use of hydrogen and ammonia as next-generation energy sources.
Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol are expected to announce the collaboration during the Asia-Pacific Economic Cooperation summit to be held in San Francisco between Wednesday and Friday.
Industries in both countries have been working to promote the use of hydrogen and ammonia, which are attracting attention as clean energy sources as they do not emit carbon dioxide when burned. Specifically, the two governments are looking to cooperate in efforts to build a stable supply chain, such as establishing technology to transport these gases by sea and adjusting the supply-demand balance.
The Japan Bank for International Cooperation, a government-affiliated financial institution, is also considering plans to provide financial support to private companies both in Japan and South Korea.
Kishida and Yoon will hold direct talks during the APEC meeting and will also attend roundtable discussions regarding economic cooperation between the two countries and with the United States.