June 18 (Renewables Now) - The United States Agency for International Development (USAID) and the Asian Development Bank (ADB) signed on Tuesday a partnership agreement that will see up to USD 7 billion (EUR 6.3bn) of investment devoted to expediting the clean energy transition in Asia and the Pacific.
The USAID-ADB efforts will be aimed at mobilising funds to boost the region’s clean energy capacity by 6 GW and increasing energy trade by 10% over the next five years, the Asian lender said. The goal of the initiative is to sponsor further progress of Asia and the Pacific’s energy sector towards a sustainable and market-driven model.
The agreement will serve to promote energy efficiency, energy sector reform and good governance of the region’s energy sector, the announcement says.
(USD 1.0 = EUR 0.89)