The United States Agency for International Development (USAID) has partnered with the Asian Development Bank (ADB) to invest heavily in clean energy projects, energy efficiency and power sector reform in the Asia-Pacific region.
The partnership, signed at the Asia Clean Energy Forum (ACEF) being held at ADB headquarters in Manila, plans to mobilise US$7 billion of investment to add 6GW of renewables capacity over the next five years. It also wants to boost regional energy trade by 10% in that period.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
The two organisations have a long history of collaboration and are increasing their focus on renewable energy. Current USAID clean energy backing spans across the globe, including difficult markets from Afghanistan to Nigeria. Similarly, ADB has recently backed projects and initiatives in Cambodia and the Pacific Islands.
Cheaper finance from development players is expected to shorten the renewable transition of many countries and kickstart the local small-scale PV and storage market, according to a recent report from BloombergNEF (BNEF).