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ADB's new energy policy to support regional low-carbon transition

Asian Development Bank (ADB)

KUALA LUMPUR, Oct 20 -- The Asian Development Bank (ADB) has approved a new energy policy to support universal access to reliable and affordable energy services, while promoting low-carbon transition in Asia and the Pacific.

ADB president Masatsugu Asakawa said energy was central to inclusive socioeconomic development, but the expansion of energy systems has come at the cost of harmful impacts on the climate and environment.

“ADB’s new energy policy will support our developing member countries (DMCs) in the critical and urgent task of expanding access to reliable, affordable, and clean energy. 

"This new policy locks in our strong commitment that ADB will not fund new coal power production. 

“Together with our elevated ambition to deliver US$100 billion (US$1=RM4.15) in climate financing to our DMCs in 2019–2030, it provides a clear path for ADB’s contribution to an environmentally sustainable energy future,” said Asakawa in a statement today. 

ADB’s 2021 Energy Policy will guide the development bank's support to the region as it responds to these changes both in terms of energy access and security, and climate change and environmental sustainability.

ADB has made a significant contribution to the region’s energy sector with total financing of over US$42 billion from 2009 to 2020 but the region’s energy financing needs far exceed the resources of any single actor.

The new policy prioritises ADB’s resources to leverage commercial financing where possible to tackle the most difficult energy challenges.

-- BERNAMA

 

 

 

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