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US govt, ADB sign agreement mobilizing US$7 billion investment for energy projects in Asia

Updated

By Roy Mabasa 

The United States government and the Asian Development Bank (ADB) on Tuesday launched a US$7 billion worth of investment through an agreement that seeks to accelerate the transition to a sustainable, secure, and market-driven energy sector in Asia.

At the Asia Clean Energy Forum held in Manila, US Agency for International Development (USAID) Asia Bureau Acting Assistant Administrator Gloria Steele and ADB Strategy, Policy, and Review Department Director-General Tomoyuki Kimura signed the partnership agreement to promote energy efficiency, energy sector reform, and good governance of Asia’s energy sector.

Under the pact, USAID and ADB will mobilize the $7 billion for energy projects in Asia, boost the capacity of deployed energy systems by six gigawatts, and increase regional energy trade by 10 percent over the next five years.

As it follows decades of development collaboration between the US government and ADB, the new partnership is part of Asia Enhancing Development and Growth through Energy (Asia EDGE), a key initiative contributing to the US government’s Indo-Pacific Strategy.

The Asia EDGE initiative is a US whole-of-government effort to grow sustainable and secure energy markets throughout the Indo-Pacific.

Specifically, the Asia EDGE seeks to strengthen energy security, increase energy diversification and trade, and expand energy access across the region by drawing on the expertise and resources of the US government, private sector, and international financial institutions and partnering with like-minded stakeholders to advance the rules-based economic order that has lifted billions out of poverty and enabled unprecedented growth over the past 70 years.

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