• Sat. Apr 20th, 2024

Ministers of IPEF unite in launching 4 projects for a clean economy.

BySamantha Johnson

Mar 15, 2024
Ministers of IPEF unite in launching 4 projects for a clean economy.

A recent update from Japan’s economy on March 15, 2024, reported that ministers from 14 countries discussing the Indo-Pacific Economic Framework for Prosperity have agreed to launch four projects in the clean economy sector. These projects aim to promote the distribution of sustainable aviation fuel (SAF) among other initiatives. Additionally, ministers from Japan, the United States, South Korea, and Australia have agreed to contribute a total of 33 million dollars to a fund designed to help emerging economies decarbonize.

The U.S. Commerce Department reported that the 14 countries engaged in virtual discussions to address clean economy and fair economy issues, for which substantial conclusions were reached in November of the previous year. The discussions also focused on supply chains, with an agreement having entered into effect the previous month. Negotiations in the area of trade will continue, and an in-person ministerial meeting is scheduled to take place in Singapore in June.

During the discussions, the 14 countries acknowledged progress in a Japan-led joint project to utilize hydrogen, which was initially agreed upon in May of the previous year. The outcome of these discussions indicates a commitment to advancing sustainable economic practices and strengthening international cooperation in the Indo-Pacific region.

By Samantha Johnson

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