ADB Is All Set To Invest $1 Billion For Clean Energy Investments In The Pacific Region

The Asian Development Bank has plans to finance $1 billion of energy investments across the Pacific region within two years of time.

ADB is trying to improve the regional energy systems in the Pacific, as the energy demand in the Asia and Pacific region grows.  ADB is looking to promote energy efficiency; maximize access to energy for all and promote energy sector reform, capacity building and effective governance, as per the sources.

“Over 2019 to 2021, we are building on these achievements by helping install new sources of renewable power, improve supply-side efficiency, and integrate battery storage. We are also providing support to manage better and regulate countries’ energy sectors,” according to ADB Pacific Department Energy Division Director Olly Norojono. ADB is helping the Pacific developing member countries to move away from the conventional sources of energy and embrace renewable energy, as per ADB’s recently published report “Pacific Energy Update 2019.”

The developing member countries in the Pacific region have embarked on a structural shift towards renewables and most of the countries in the region are targeting 100% renewables for their energy mix, to overcome regional energy constraints.