HomeNewsDiplomatic NewsJapan, Saudi Arabia establish Lighthouse Initiative for Clean Energy

Japan, Saudi Arabia establish Lighthouse Initiative for Clean Energy

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Jeddah, 17 July 2023 (TDI): Saudi Crown Prince Mohammad bin Salman received Japanese Prime Minister Fumio Kishida at Al-Salam Palace in Jeddah on July 16.

Muhammad bin Salman extended an official reception to the Japanese Prime Minister as he arrived in Saudi Arabia as part of his three-day Middle East tour.

Within the framework of the Saudi-Japanese Vision 2030, the two sides discussed mutual collaboration and growth. They also agreed to expand their bilateral cooperation across a wide range of fields, including decarbonization.

Prime Minister Shinzo Abe and Crown Prince Muhammad Salman inked the Saudi-Japanese Vision in 2016, aimed at building strong strategic cooperation between the two nations.

Muhammad bin Salman and Fumio Kishida discussed various investment opportunities between the two countries in a wide range of industries, such as mining, clean energy, health care, and digital technologies.

Japan-Saudi Lighthouse Initiative for Clean Energy Cooperation

Recognizing their net zero and clean energy ambitions, the two sides decided to establish the Japan-Saudi Lighthouse Initiative for Clean Energy Cooperation and would closely collaborate to advance a balanced green transformation.

The initiative would include several sustainable materials. Moreover, the initiative will support the Kingdom’s ongoing endeavours to become a hub of clean energy, mineral resources, and energy component supply chains.

According to the Joint Statement by KSA and Japan on the initiative, the Kingdom has a goal to decarbonize and achieve net zero by the year 2060.

Additionally, it would benefit from its renewable and low-cost hydrogen along with its strategic location on the trade routes for energy products around the world.

Japan shares the same goal of achieving net zero by 2050 and realizing its global dominance in clean energy technology solutions.

In order to achieve their goals, both countries affirmed their collaboration under the Lighthouse Initiative in clean energies and mineral resource supply chains by combining their ambitions and encouraging the participation of leading private companies and institutions from both sides.

According to the Joint Statement, the collaboration between the two countries would expand the market for clean energy, lower the cost of this energy, and make the supply chains more resilient.

Prime Minister Kishida reaffirmed Japan’s “unwavering support” for Saudi Arabia’s Vision 2030.

He expressed Japan’s strong determination to work with Saudi Arabia to make the Middle East a global hub for future fuel and mineral resources.

The two sides also exchanged views on various regional and international issues and global efforts to promote peace and prosperity.

Following his meeting with Mohammad bin Salman, Prime Minister Kishida shared with the media that their bilateral relations would progress beyond the traditional roles of oil producers and consumers, developing a new global partnership in the era of decarbonization.

Saudi Arabia and Japan’s Future Investment Agreements

The Japanese PM also met with Saudi Minister of Investment Khalid al-Falih, and the two participated in a Saudi-Japan roundtable meeting on future investments.

Also Read: Saudi Arabia’s Foreign Minister meets Japanese Prime Minister

The meeting ended with the signing of 26 cooperation and investment agreements between Japan and Saudi Arabia. While acknowledging the mutual partnership between Tokyo and Riyadh, Minister Khalid mentioned that Japan is the Kingdom’s third-largest trading partner.

Furthermore, the PM stressed that Saudi Arabia is a leading trading partner for Japan, and they will support the Kingdom with modern technologies in its efforts to get clean energy.

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