USAID, ADB to mobilize $7 B for clean energy projects in Asia-Pacific
Text and photo by Monsi A. Serrano
The United States Agency for International Development (USAID) and the Asian Development Bank (ADB) are partnering to mobilize $7 billion (approximately P364 billion) of investment for more sustainable, secure, and market-driven energy projects in Asia and the Pacific.
The partnership agreement was signed on Tuesday, June 18, 2019, by USAID Asia Bureau Acting Assistant Administrator Ms. Gloria Steele and Director General of ADB’s Strategy, Policy, and Review Department Mr. Tomoyuki Kimura at the Asia Clean Energy Forum (ACEF) held at the ADB Headquarters in Pasig City.
It was the highlight of the ACEF, which is driven to accelerate the transition from traditional energy sources to more sustainable, safer and cleaner energy in the Asia-Pacific region, including the Philippines.
“Under the framework of this agreement, USAID and ADB will work to mobilize $7 billion of investment for energy projects in Asia and the Pacific, boost the capacity of clean energy systems by 6 gigawatts, and increase regional energy trade by 10% over the next five years,” according to a statement from the ADB.
The agreement, thus, promotes energy efficiency, energy sector reform, and good governance in the region’s energy sector.
This new partnership follows decades of USAID-ADB development collaboration and comes as the U.S. government next month marks the one-year anniversary of Asia Enhancing Development and Growth through Energy (Asia EDGE), one of the key initiatives contributing to the U.S. government’s Indo-Pacific vision.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion (roughly P1 trillion). Established in 1966, it is owned by 68 members—49 from the region.