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USAID, ADB to move USD 7bn for clean energy in Asia, Pacific

Wind turbines. Author: 攝影家9號 - Photographer No.9. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

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)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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