The Tokyo Metropolitan Government (TMG) is taking proactive steps to address the pressing climate and energy crises by establishing a green finance framework aimed at enhancing energy self-sufficiency and advancing decarbonization efforts. A significant part of this initiative is the introduction of the Energy Creation and Storage Promotion Fund, designed to support the development of grid storage batteries that will facilitate the expansion of renewable energy sources. ITOCHU Corporation, a prominent general trading company, and Gore Street Capital Limited, an investment management firm with a focus on renewable energy, have been chosen to operate the fund. ITOCHU is intensifying its investments in decarbonization and renewable energy, while Gore Street boasts a robust portfolio of battery storage projects with a total capacity of 1. 2 million kW across multiple countries.

The selection process for business operators began in April 2023, with four companies applying, and concluded with the final selection in August 2023. Following the establishment of the fund, TMG intends to invest 2 billion yen within the current fiscal year, marking a significant commitment to sustainable energy practices. This initiative not only highlights TMG's dedication to combating climate change but also reinforces its role in fostering a greener economy. Interested parties can find further details through the original Japanese release linked in the article.