Asian Development Bank and Japan offer joint support against rising energy prices
Meanwhile, Japan and Australia also invest AUD$1.67bln in critical minerals projects, with Australia providing AUD$1.3bln.
The Asian Development Bank (ADB) and Japan joint initiative supports countries and businesses in Asia and Pacific facing rising energy prices.
The Action for Creating Energy Security for Long-term Resilience, or ACCEL, was formally launched at the ADB Annual Meeting.
'Under ACCEL, we expect to leverage Japan’s knowledge and technology to contribute to enhanced growth across the Asia and Pacific region,' said Satsuki Katayama, Finance Minister of Japan. 'This initiative aims to support small and medium-sized enterprises (SMEs) affected by the conflict, while promoting the transformation of energy structures in developing member countries. Japan will continue to work closely with ADB to advance crisis response efforts.'
The ADB says many of its developing member countries, as well as their private sectors, are facing acute pressures from fuel price volatility and supply constraints. SMEs are particularly affected, with rising operating costs and tightening liquidity conditions.
In the short term, it will support corporate liquidity, particularly for SMEs, including through technical assistance. Over the medium to long term, it will support a transition toward more diversified and sustainable energy systems, strengthening economic and energy resilience across Asia and Pacific.
Japan has also released a joint statement with Australia on their shared critical minerals investments, which announces the 'elevation of critical minerals as a core pillar of our economic security relationship.'
The following projects were identified:
- Lynas Rare Earths Project: Lynas Rare Earths received backing in 2011 to commence light rare-earth production, with heavy rare-earth production starting in 2025.
- Alcoa Gallium Recovery Project: Alcoa and Japan Australia Gallium Associates aim to develop gallium recovery at one of Alcoa’s operating alumina refineries in Western Australia, for use in semiconductors, LEDs and solar cells.
- Magnium Magnesium Project: Magnium Australia is planning the commercial production of high‑purity magnesium, widely used in lightweight applications including the automotive and aerospace sectors, in Western Australia using a low‑carbon process with reduced environmental impact.
- Tivan Fluorite Project: The Speewah Fluorite Project, located in Western Australia, aims to produce acid-grade fluorite, a key raw material for hydrofluoric acid used in semiconductors, electric vehicles and other advanced applications.
- Ardea Resources Kalgoorlie Nickel Project: The Kalgoorlie Nickel Project – Goongarrie Hub is one of the largest nickel cobalt resources in Australia.
