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26 June 2022

Business Insider Bangladesh

Japan pulls out from funding Matarbari power plant

BI Report || BusinessInsider

Published: 21:59, 22 June 2022   Update: 22:35, 22 June 2022
Japan pulls out from funding Matarbari power plant

Photo: Collected

The Japanese government has announced that it will no longer continue funding the construction of the Matarbari Coal-Fired Power Plant.

Hikariko Ono, Japan's foreign ministry press secretary made the announcement at a press conference on Wednesday.

Ono also announced that Japan is also suspending the funding for Indrayu Coal-fired Power Plant Plan in Indonesia.

The decision is part of Japan’s commitment at the G7 summit to end supporting fossil fuel-generated power plants that failed to take measures to reduce greenhouse gas emissions by 2021, according to Japanese media reports.

Matarbari coal-fired power plant is being developed in Maheshkhali in Cox’s Bazar.

State-owned enterprise CPGCBL (Coal Power Generation Company Bangladesh), is developing the 1.2GW project with an estimated investment.

Earlier in March, Sumitomo Corporation, one of the three EPC contractors implementing the first phase of the Matarbari coal-fired power plant project, announced that it would not participate in building the second phase of the project.