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Energy sector overhaul needed to address climate change – ADB

Louise Maureen Simeon - The Philippine Star
Energy sector overhaul needed to address climate change â ADB
During the opening of the Asia Clean Energy Forum (ACEF) yesterday, ADB president Masatsugu Asakawa said an overhaul is important as economies transition to a net-zero future.
Businessworld / File

MANILA, Philippines — Economies in Asia-Pacific need to overhaul their energy sector to address the worsening impact of climate change, the Asian Development Bank (ADB) said.

During the opening of the Asia Clean Energy Forum (ACEF) yesterday, ADB president Masatsugu Asakawa said an overhaul is important as economies transition to a net-zero future.

“The transition to a net-zero future will not be stress-free: it calls for an overhaul of the energy sector—its policies, structure, governance, financing, and technologies,” Asakawa said.

“We must strive to transition to clean, secure, and resilient energy that can also support just and inclusive growth for the region,” he said.

The Asia-Pacific region accounts for over 50 percent of global greenhouse gas emissions. Unfortunately, some 157 million people are still living without electricity.

Last year, the Manila-based multilateral lender adopted a new energy policy which pursues universal access to reliable, affordable, and sustainable energy services while promoting the low-carbon transition.

Asakawa said the bank would continue to deliver progressive and effective energy solutions under its ambition to provide $100 billion in cumulative climate finance until 2030.

ADB is promoting innovative financing models such as the Energy Transition Mechanism to accelerate the early retirement of coal plants.

It also embarked on ASEAN Green Recovery Platform which invests in climate-resilient infrastructure in Southeast Asia to speed up the recovery from the pandemic.

This week, the ADB will launch a new digital ecological sensitivity mapping tool to enable countries to scale up their renewable energy infrastructure without harming birds and biodiversity.

Hosted by ADB and co-organized by the United States Agency for International Development and the Korea Energy Agency, ACEF gathers over 3,000 delegates to explore integrated solutions in technology, finance, and policy to achieve the clean energy transition, meet countries’ Nationally Determined Contributions, and contribute to the Sustainable Development Goals.

ADB

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