Thursday, 22/02/2024 | 14:08 GMT+7
The Asian Development Bank (ADB) and Japan’s Ministry of Economy, Trade and Industry (METI) have signed a memorandum of cooperation (MOC) to enhance their joint efforts to promote clean energy in Southeast Asia.
Signed by ADB Vice-President for Knowledge Management and Sustainable Development Bambang Susantono and METI Vice-Minister for International Affairs Shigehiro Tanaka, the MOC will strengthen cooperation between the two organizations 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.
“Southeast Asia has experienced unprecedented growth in recent years, making it critical to ensure sustainable development in the region,” said Mr. Susantono. “Japan is a very important partner for ADB and through this MOC, we will further strengthen our cooperation and commitment to help accelerate the ongoing energy transition and drive climate action within the ASEAN region.”
Under the MOC, ADB and METI will conduct consultations and advise on the development and implementation of CEFIA’s flagship projects. The two organizations 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 MOC was signed at the 2nd 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 in clean energy through sovereign and nonsovereign initiatives from 2008 to 2020. ADB’s clean energy investments in the ASEAN region amounted to $440 million in 2020, accounting for 22% of its overall portfolio. Under its Strategy 2030, ADB aims to provide $80 billion in cumulative climate financing from its own resources by 2030 and for at least 75% of its country operations to feature climate adaptation and mitigation measures.
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