WB launches $2.5b programme to boost Asia’s energy transition

The World Bank launched a $2.5 billion programme to support renewable energy adoption in East Asia and the Pacific, as part of its global climate change and sustainable development efforts.

The Accelerating Sustainable Energy Transition Programme is expected to reduce greenhouse gas emissions by 60 million tons over its lifetime and provide over 20 million people with new or improved access to clean electricity.

Additionally, the programme will add 2.5 gigawatts of renewable energy capacity, equivalent to 50 utility-scale solar farms or more than 1,000 wind turbines, as per a report published by the World Bank on Wednesday.

East Asia, a major contributor to global greenhouse gas emissions, must reduce its carbon footprint to achieve global climate goals. Many countries in the region have set ambitious targets to cut emissions and adapt to climate change.

“The transition to low-carbon energy in East Asia and the Pacific is vital for achieving climate and development goals,” said Manuela V. Ferro, World Bank Vice President for East Asia and Pacific.

The programme will receive a $260 million World Bank grant to improve access to renewable energy and electricity reliability in Papua New Guinea. It will also enhance renewable energy generation and electricity service quality in selected islands of the Republic of Marshall Islands.

A $5 million grant from the ASEAN Centre for Energy will promote renewable energy scale-up and cross-border electricity trade among ASEAN countries. Future phases will support Cambodia, the Federated States of Micronesia, Indonesia, and Mongolia.

Attribution: World Bank report

Subediting: M. S. Salama