2022.11.14 MON

17:00 - 18:30

Achieving Global Green Transformation-Towards a net-zero society through appropriate evaluation of “Avoided Emissions”-

Organizer

Ministry of Economy, Trade and Industry

Seminar abstract

Further reduction is necessary for achieving the 1.5-degree target. To realize a net-zero society throughout the world including developing countries, it is essential to achieve both economic growth and emissions reduction.
The First Global Green Transformation Conference (GGX) was held in Tokyo GX week (September 26 -October 7, 2022).The concept of “Avoided Emissions”(*1)was also an agenda item at GGX. At this event, regarding the concept of “Avoided Emissions”, it will be presented for the first time to the world the latest status of initiative being developed by WBCSD(*2)with more than 40 of the world's leading global companies and share the vision of “Avoided Emissions” including financial institutions and governments.
*1 “Avoided Emissions”: How much a certain entity (e.g., a company, an organization) contributes to reduction throughout the society in total. Private sectors are already discussing this concept. If a mechanism can be created to appropriately value the contribution, and resources such as finance can be directed to entities that are promoting these efforts, it will encourage the diffusion of green products and services and promote achieving net-zero emissions through economic growth.
*2 WBCSD(World Business Council for Sustainable Development): WBCSD is the premier global, CEO-led community of over 200 of the world’s leading sustainable businesses working collectively to accelerate the system transformations needed for a net zero, nature positive, and more equitable future. https://www.wbcsd.org/

Speakers

【Local Speakers】

• Shinichi Kihara（Ministry of Economy, Trade and Industry） Deputy-Director General for Technology and Environment
• Dominic Wanghray（World Business Council for Sustainable Development（WBCSD）） Senior Advisor to the CEO
• Majid Al Suwaidi（UAE） Director General
• David W. Livingston（United States） Senior Advisor for the U.S. Special Presidential Envoy for Climate
• Tatsuo Ogawa（Panasonic Holdings Corporation） Executive Officer
• Megumu Tsuda（Hitachi, Ltd.） General Manager, Sustainability Promotion Division
• Tony Rooke（Glasgow Financial Aliance for Net Zero (GFANZ)） Executive Director, Climate Transition Planning and Sectoral Pathways
• Jun Arima（ The University of Tokyo, Graduate School of Public Policy） Project Professor

【Online Speakers】

• Feng Chang（Bank of America Corporatio） Managing Director, Sustainable Finance Group

Session Summary

In addition to the perspective of “how to reduce GHG emissions from a certain entity (e.g., a company, an organization) throughout their supply chain”, it is important to acknowledge the perspective of “how much a certain entity contributes to mitigation throughout the society in total” in order to enhance positive climate action. At this event, government-level discussions on “avoided emissions,” which is a new concept for evaluating an entity’s contribution to mitigation, was held, involving key stakeholders from business sector, finance sector and governments, in front of an audience of more than 100 people. WBCSD provided an overview of the guidance on avoided emission, which is currently developed, and a high-level photo session was held with panelists, moderators, andparticipants who strongly support or are encouraged to discuss avoided emission.

Message and Results

1. WBCSD is currently developing guidance on avoided emission. Based on strong cooperation with WBCSD, an outline of the guidance was presented for the first time in the world and we confirmed our cooperation toward G7 next year.
2. We already had the discussion on avoided emission involving academia and private sector at Global GX Conference (GGX) held on October 7 this year. This time, in addition to people from those sectors, major relevant countries including UAE (COP28 President) and United States joined our session and expressed their willingness to positively participate in the discussion.
3. Finance sector can be a key player in the discussion on avoided emission. At this event, we had GFANZ, initiative in finance sector established at COP26 to achieve net-zero, in our discussion.
4. British standard Institution, an important stakeholder in the development of standards, expressed its willingness to discuss the issue.