Climate change scenarios prepared by a network of global central banks shows that Japan’s energy market will need decarbonise more rapidly than under current policies to meet the Paris Agreement goals, new analysis by the Asia Investor Group in Climate Change (AIGCC) finds.

The climate change scenarios developed by the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) also suggests that achieving the Paris Agreement will require an additional US$330 billion in annual investment up to 2050 across the entire Asian energy sector.

The NGFS developed scenarios were released in June and present potential socioeconomic outcomes for a hothouse world and orderly and disorderly transitions to net-zero emissions in line with the Paris Agreement. Central Banks and supervisors from Asia’s major economies, including China, Japan and South Korea, are involved in the network.

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