Asia Clean Energy Forum 2019: ADB, USAID Sign $7 Billion Agreement for Energy Efficiency

The ongoing Asia Clean Energy Forum summit held in the Philippines saw ADB and USAID sign partnership agreement of $7 billion to promote energy efficiency, energy sector reform and good governance of Asia and the Pacific’s energy sector.

The United States Agency for International Development (USAID) and the Asian Development Bank (ADB) on Tuesday signed a deal to utilize $7 billion in investments in sustainable energy for Asia and the Pacific.

The effort aims to raise the capacity of clean energy systems by 6 gigawatts and increase energy trade by 10 percent in the next 5 years, the ADB said in a statement.

The agreement was signed by USAID Asia Bureau acting assistant administrator Gloria Steele and ADB’s director general for Strategy, Policy and Review Tomoyuki Kimura during the Asia Clean Energy Forum.

ADB Director General for Strategy, Policy, and Review Department, Tomoyuki Kimura says the partnership will help leverage private sector investments in sustainable energy wherein they expect $2.5 from companies with each dollar they lend out or invest. Which would seem to indicate possibly a 2.8 billion dollar funding commitment.  While USAID Asia Bureau Acting Asst. Administrator, Gloria Steele says they will offer technical expertise to companies and other organizations that want to take advantage of the partnership. The agreement has a timeline of 5 years.

The ongoing Asia Clean Energy Forum (ACEF) at the ADB has the theme: “Partnering for Impact.” this year. According to its website, The Asia Clean Energy Forum is “one of the leading clean energy events in the Asia region, and it focuses on bringing together practitioners and implementers to identify, discuss and address the key clean energy challenges we face in the region.”

This year’s edition has a menu of five thematic tracks with Energy as overarch: 1. Energy and livable cities; 2. Energy and water sustainability; 3. Energy and rural and poverty; 4. Energy and innovation finance; and, 5. Clean energy trends and directions. These serve as guidelines for Regional conversations on energy in Asia. Subsequently, it is expected that the outputs will serve as fodder for Asia’s energy strategy and directions in the years to come.

Each year in June, clean energy professionals from around the world assemble at the headquarters of the Asian Development Bank (ADB) in Manila to attend the Asia Clean Energy Forum (ACEF). This year the event commenced on Monday, June 17 and will end on Friday, June 21.

Picture credit: Twitter