South Australia establishes ties with leading Japanese financial institution

16 Mar 2023
The South Australian Government has established ties with one of North Asia’s leading public financial institutions, known for providing financial support towards the construction of major renewable energy projects.
South Australian Trade and Investment Minister Nick Champion met with the Japan Bank for International Cooperation (JBIC) during a trade mission in Tokyo this week.
The Minister outlined the State’s ambitious plans in hydrogen – with the Government’s Hydrogen Jobs Plan – along with its already well-established world-leading status within the renewable energy industry.
JBIC is a policy-based financial institution owned by the Japanese Government which has provided significant financial support to many resources projects across the globe, including the construction of renewable energy power plants.
JBIC’s GREEN initiative (Global action for Reconciling Economic growth and Environmental preservation) sees the institution working with international organisations and financial institutions in developing countries to support projects with a focus on environmental conservation.
JBIC also supports Japanese companies to invest or acquire interests in natural resources overseas, including critical minerals – a key sector of South Australia’s exports.
South Australia is a world-leader in advancing clean energy technologies, with discussions aimed at aligning the State’s capabilities and ambitions with JBIC’s mission to deliver mutually beneficial outcomes.
It builds on Premier Peter Malinauskas' meeting, during the Government’s previous trade mission to Japan, with JBIC’s Deputy Governor to discuss investment opportunities in South Australia.
On 5 October 2022, JBIC signed an MoU with Santos with a focus on the promotion of cooperation in securing a stable supply of energy and in decarbonisation, in a demonstration of the possible investment interest in South Australia that exists.
More than 70 per cent of South Australia’s electricity is generated by renewable resources. By 2030, South Australia is expected to be a net 100 per cent renewable energy generator.
Significant industry development and investment opportunities available in SA include the proposed multi-billion-dollar hydrogen hubs at Port Bonython and Cape Hardy, as well as the South Australian Government’s $593 million Hydrogen Plan – the projects are part of a $20 billion renewable energy pipeline.