ECO congratulates Mr. Naoto Kan on his appointment as the new Prime Minister of Japan.
We wonder if Japan’s financial initiative to support developing countries, the so-called ‘Hatoyama Initiative’, will now be changed to the ‘Kan-Do Initiative’?
Last year in Copenhagen, ECO welcomed Japan’s $15 billion pledge for fast start finance. This represents half of the $30 billion commitment from the developed countries under the Copenhagen Accord.
And here in Bonn, Japan announced that $5 billion out of their 15 billion pledges has already been spent. This is certainly impressive! But it is often said that this is mainly relabeled money, so it would be even more impressive if the
actually additional amount is revealed.
The new initiative, now run by Prime Minister Kan, must have increased transparency and describe the extent to which the resources are new and additional. Last but not least, we expect Japan to provide strong support to an innovative mechanism for long term finance.
Whatever the name is, ECO hopes Japan will continue a ‘can do’ policy to lead the world on fast start finance.