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Tuesday, 17th March 2009
In General Japan News,

Japan to provide billions for green projects in developing countries

Japan has announced it is to provide 490 billion yen (£3.5 billion) worth of loans to developing nations for them to invest in green projects.

The money, which will also be made available to other Asian countries, will be used to improve environmental infrastructure, including water supplies, sewerage systems, public transportation and solar power generators.

Funds will be provided over the next two years through the Japan Bank for International Co-operation, according to the Nikkei.

Over recent years, financial institutions in Europe and the US have been tapped for funding from developing countries, but have been increasingly reluctant to provide cash as the global economic downturn has deepened.

In related news, Tokyo Gas and Nippon Oil are to develop a new household fuel cell that will allow homeowners to reduce their carbon emissions.

The fuel cell generates electricity from heat created by mixing hydrogen and oxygen, reports the Yomiuri Shimbun.

Written by Mike Cotgreave