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JBIC and Colombia's EPM Join Forces for Green Hydrogen Alliance
JBIC and Colombia's EPM Join Forces for Green Hydrogen Alliance

JBIC and Colombia's EPM Join Forces for Green Hydrogen Alliance

  • 12-Apr-2024 3:36 PM
  • Journalist: Nicholas Seifield

The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) and Empresas Públicas de Medellín E.S.P. (EPM) of the Republic of Colombia solidified their commitment to advancing the hydrogen sector by signing a Memorandum of Understanding (MOU) on April 10. This landmark agreement aims to foster cooperation in the realm of hydrogen and its derivatives, including ammonia.

EPM, a public utility company wholly owned by the Municipality of Medellín, Colombia's second-largest city, operates across various sectors, including power generation, electricity transmission and distribution, gas distribution, and water supply and sewerage. As part of Colombia's energy transition toward decarbonization, EPM has developed a roadmap for green hydrogen production utilizing its abundant renewable energy resources, primarily hydropower. Additionally, the company has been actively engaging with Japanese firms in renewable energy, electricity transmission and distribution, and water, sanitation, and waste management.

With the signing of the MOU between JBIC and EPM, a framework for collaboration between the two entities is set to be established. JBIC aims to expedite the structuring of projects geared towards developing the supply chain of hydrogen and its derivatives. Moreover, the MOU seeks to facilitate cooperation between EPM and Japanese companies in diverse fields, including renewable energy, electricity transmission and distribution, and water, sanitation, and waste management.

As Japan's premier policy-based financial institution, JBIC remains steadfast in its commitment to creating business opportunities for Japanese companies and ensuring a stable supply of resources for Japan. Through bolstered cooperation with key partners in the decarbonization sector, JBIC is poised to play a pivotal role in advancing global efforts towards a sustainable and green future.

JBIC, the Japan Bank for International Cooperation, stands as a Japanese public financial institution and export credit agency, formed on October 1, 1999, following the merger of the Japan Export-Import Bank (JEXIM) and the Overseas Economic Cooperation Fund (OECF).  Being a Japanese policy-based financial institution, JBIC is tasked with fostering the robust growth of Japan and the global economy and society. It carries out this responsibility by focusing on the following areas, aiming to complement the financial activities conducted by private sector financial institutions: Advancing the overseas development of strategically vital natural resources. Assisting Japanese industries in expanding their international business endeavors. Addressing financial instability in the international economy.  Under the new setup, JBIC will manage financial operations independently to facilitate the efficient restructuring of United States military forces stationed in Japan in accordance with the pertinent special legislation.

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