The Asian Development Bank (ADB) and Japan's Ministry of Economy, Trade and Industry (METI) have signed a memorandum of cooperation to enhance their joint efforts to promote clean energy in southeast Asia.
It will strengthen cooperation between the two orgsations under the Cleaner Energy Future Initiative for ASEAN (CEFIA). The cooperation will focus on the areas of renewable energy, energy conservation and efficiency, and other technologies that will facilitate the transition to low-carbon energy.
The pact was signed by ADB Vice-President for Knowledge Management and Sustainable Development Bambang Susantono and METI Vice-Minister for International Affairs Shigehiro Tanaka.
"Southeast Asia has experienced unprecedented growth in recent years, making it critical to ensure sustainable development in the region," said Susantono.
"Japan is a very important partner for ADB and through this memorandum of cooperation, we will further strengthen our cooperation and commitment to help accelerate the ongoing energy transition and drive climate action within the ASEAN region."
ADB and METI will conduct consultations and advise on the development and implementation of CEFIA's flagship projects. The two orgsations will also develop policy research and capacity building activities as well as share data analysis, knowledge and experiences in the energy sector.
CEFIA, established in 2019, facilitates the collaboration of the public and private sectors in accelerating the deployment of sustainable energy and low-carbon technology in the region.
The memorandum of cooperation was signed at second CEFIA Forum held online and hosted by the Ministry of Energy of the Government of Thailand in cooperation with METI and supported by the ASEAN Centre for Energy.
ADB has invested more than 25 billion dollars in clean energy through sovereign and non-sovereign initiatives from 2008 to 2020. ADB's clean energy investments in the ASEAN region amounted to 440 million dollars in 2020, accounting for 22 per cent of its overall portfolio.
Under its Strategy 2030, ADB aims to provide 80 billion dollars in cumulative climate financing from its own resources by 2030 and for at least 75 per cent of its country operations to feature climate adaptation and mitigation measures.
( With inputs from ANI )
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