Australia, Policy, Projects, Renewables

NT-Japan partnership boosts renewable economy

The Northern Territory (NT) Government has signed a memorandum of understanding (MoU) with the Japan Bank for International Cooperation (JBIC) to support eco-friendly projects and boost the local economy.

The MoU establishes a platform for ongoing discussions between the NT and JBIC officials, specifically focusing on financing energy and infrastructure projects.

This collaborative effort extends to a diverse range of sectors, including oil and gas, carbon capture, critical minerals infrastructure, hydrogen, ammonia, renewable energy, and sustainable aviation fuels.

The strategic engagement opportunities facilitated by the MoU position the NT Government and interested stakeholders to showcase the Territory as a dependable supplier of liquefied natural gas (LNG), critical minerals, hydrogen, and solar energy.

NT Chief Minister Eva Lawler emphasised the significance of the MoU, highlighting its role in attracting new investments in resource extraction, mineral processing, and carbon capture and storage.

“By signing an MoU with JBIC, the Territory Labor Government is attracting new investment into resource extraction, mineral processing and Carbon Capture and Storage,” Lawler said.

“This is supported by a strong industry development focus, that underpins traditional sectors such as agriculture, mining and energy, maritime and tourism, to help grow local Territory business and jobs.

“There are clear opportunities to expand our relationship with our largest trading partner, to grow our economy and achieve net zero.”

The value of NT exports to Japan surged by 27.3 per cent to $7.7 billion in 2022-23, propelled by increased commodity prices and exports of metalliferous ores and metal scrap.

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