APAC must overhaul energy sector to transition to net-zero future: ADB

15 Jun '22

2 min read

Pic: Shutterstock

Countries in the Asia and the Pacific (APAC) region must overhaul their energy sector, including policies, structure, governance, financing and technologies, to transition to a net-zero future that is vital in the fight against climate change, Asian Development Bank (ADB) president Masatsugu Asakawa recently told the Asia Clean Energy Forum (ACEF) in Manila.

“The transition to a net-zero future will not be stress-free….We must strive to transition to clean, secure, and resilient energy that can also support just and inclusive growth for the region,” Asakawa said.

More than half of global greenhouse gas emissions come from the APAC region, where some 157 million people remain without electricity. ADB adopted a new energy policy in 2021 that pursues universal access to reliable, affordable and sustainable energy services while promoting low-carbon transition, according to an ADB press release.

Asakawa said ADB will continue to deliver progressive, effective energy solutions under the bank’s ambition to provide $100 billion in cumulative climate finance from 2019 to 2030.

ADB is promoting innovative financing models like the Energy Transition Mechanism to accelerate the early retirement of coal plants, and the ASEAN Green Recovery Platform which invests in climate-resilient infrastructure in Southeast Asia to speed up the recovery from the pandemic.

Hosted by ADB and co-organised by the US Agency for International Development (USAID) and the Korea Energy Agency (KEA), ACEF this year is scheduled from 14 to 17 June.

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