The city of Yokohama is working to become a Carbon-Neutral Port (CNP) in corporation with the national government and the private sector to reach its overarching target of net zero by 2050.
To achieve this goal, the City of Yokohama and Mizuho Bank Ltd signed a Memorandum of Understanding (MOU) in April 2024 to jointly develop a comprehensive financial framework based on the Port of Yokohama’s Decarbonization Plan, to support companies in the Yokohama waterfront area, including port terminals, to access sustainable finance for capital investment. Using this framework, companies can raise funds at low interest rates to promote the transition to a Carbon Neutral Port, for instance, through investing in green infrastructure or low- and zero-carbon fuels. Furthermore, without the need to create their own framework, this will facilitate small- and medium-sized enterprises that lack the required resources to make capital investments and work towards decarbonizing their own operations.
This public-private collaboration between industry and financial institutions will support companies to fully align themselves with the objectives of the Port of Yokohama’s Decarbonization plan, helping to preserve the marine environment and create long-term strategies to reduce GHG emissions.