ADB invests $1bn in Pacific green energy

7 Jun 18

The Asian Development Bank will provide more than $1bn to Pacific countries to help them prepare for a “renewable energy future” by 2021, it has announced.

Projects set to benefit include 19 aimed at improving the access of countries to quality, affordable and sustainable energy sources, the bank’s Pacific Energy Update 2018 said.

The move builds on the momentum of an ADB move last year to more than double its financing to mitigate the effects of climate change in the Pacific to at least $500m between 2017 and 2020.

Olly Norojono, ADB’s transport, energy and natural resources division director for the Pacific, said: “ADB is helping the Pacific region plan for a renewable energy future and improve regional energy systems by promoting energy efficiency and renewable energy, maximising access to energy for all, and supporting energy sector reforms, capacity building and effective governance.”

The bank is working with governments, communities, the private sector and development organisations to extend clean and affordable sustainable power in the region, the ADB update said.

For example, a renewable energy project in the Cook Islands co-financed by the ADB, European Union and the country’s government, is building solar-powered plants on five islands.

It will help the government of the 15-island state to achieve its goal of supplying all of its inhabited islands with renewable energy by 2020.

The ADB is also helping Fiji’s government to strengthen the capacity of its institutions to regulate its electricity sector.

The bank is currently supporting 15 projects in 11 countries in the Pacific, worth $426m.

The update noted how it is assisting Papua New Guinea to complete its national electrification goals while promoting a shift to clean energy.

In November 2017 the World Health Organisation called for a tripling of international financial support to tackle climate change and associated health issues in small island developing states.

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