JBIC signs on with NT to strengthen co-operation on financing energy and infrastructure projects

The Territory’s largest export partner has signed on to strengthen co-operation on financing major energy and infrastructure projects.

The Northern Territory has signed an agreement with one of Japan’s central foreign investment banks to strengthen co-operation on financing energy and infrastructure projects.

Japan Bank for International Cooperation signed the Memorandum of Understanding which enables the Territory to hold regular dialogue with bank officials to discuss potential projects between the two jurisdictions.

The talks can involve oil and gas, carbon capture, critical minerals infrastructure, hydrogen, ammonia, renewable energy and sustainable aviation fuels.

A publicly owned, policy-based financial institution, Japan Bank for International Cooperation supports national and international development, including by securing resources important to Japan and promoting overseas business for protecting the global environment.

Japan Bank for International Cooperation Governor Hayashi Nobumitsu and NT Chief Minister Eva Lawler sign an MOU on improving co-operation for financing energy and infrastructure projects. Picture: Mitch Drescher

Japan is the Territory’s biggest export partner, with Darwin supplying more than 10 per cent of its annual LNG needs.

In 2022-23 the value of goods NT exports to Japan increased by 27.3 per cent to $7.7 billion, driven by increases in commodities prices for oil and gas, and increased exports of metalliferous ores and metal scrap categories.

Chief Minister Eva Lawler said the MOU would help the Northern Territory government and interested proponents to position and promote the Territory as a reliable supplier of LNG, critical minerals, hydrogen and solar to support the global energy transition and decarbonisation programs for Japan.

“By signing an MOU with JBIC, the Territory Labor government is attracting new investment into resource extraction, mineral processing and carbon capture and storage,” she 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.”

Japan and Australia have a shared goal of achieving net zero by 2050.

Originally published as JBIC signs on with NT to strengthen co-operation on financing energy and infrastructure projects