ADB to Make $1 Billion Investment in Renewable Energy in the Pacific
- ADB (Asian Development Bank) has revealed that it will invest $1 billion worth of its energy initiatives in the Pacific region from 2019 to 2021 to generate more renewable energy.
According to reports, ADB (Asian Development Bank) has announced plans to invest $1 billion worth of its energy initiatives in the Pacific from 2019 through 2021. The goal of the scheme is to increase the generation of renewable energy and create easy access to cheaper and more sustainable energy distribution in the sub-region.
The scheme details how ADB is helping the Pacific developing member states to undertake a shift from fossil fuel energy sources to renewable energy sources. There is a country-by-country list of energy needs per the report. It also provides profiles of how the 29 ADB-backed projects have been helping governments, and communities, as well as the private sector to boost energy security, cut down the cost of power, and carbon emissions.
The report also elaborates on how many Pacific nations have implemented plans to run 100% renewables and transition to cleaner, efficient power. The goal is to reduce dependency on fossil fuels and increase access to affordable more reliable electricity.
ADB hopes to help these countries make the transition by offering finance and technical assistance. All projects financed by the Asian Development Bank are developing wind, solar, and hydropower facilities.
ADB projects are also installing battery storage technology as well as extending transmission lines. The technical assistance provided by ADB, helps utilities to be efficient in their operations through legal, regulatory, policy, and institutional reforms, to improve corporate governance and financial management. ADB currently actively supports 14 energy projects in 10 different countries in the Pacific.
