Japan to lend €3.8 billion for green projects

Japan will lend €3.8 billion to poor countries to support renewable energy and green infrastructure projects in the fight against global warming, its development bank said yesterday.

The Japan Bank for International Cooperation said it would make the loans for water, solar power and other environmental infrastructure projects in Asia and beyond over the next two years from a new lending facility.

Finance Minister Kaoru Yosano first mentioned the plan at a weekend meeting of finance ministers and central bankers of the G20 group of nations.

Japan is also mulling a Green New Deal plan at home that would address environmental problems while helping pull the country out of recession.

Environment Minister Tetsuo Saito is expected to announce a push for wider use of solar panels at schools and government buildings to be included in an economic stimulus package now being drafted, Kyodo News said.

"We are at the final stage of our work to put together our Green New Deal package, aimed at promoting economic growth with environmental policies," said a ministry spokesman who asked not to be named.