The Memorandum of Understanding between the Asian Development Bank (ADB) and the Energy Market Authority (EMA) of Singapore paves the way for the expansion of renewable energy generation and transmission throughout the Association of Southeast Asian Nations (ASEAN) region and supports the creation of the ASEAN Power Grid. The collaboration will support Singapore’s initiatives to import clean electricity from the area and decarbonise its power industry.
The collaboration will involve the sharing of expertise and best practises in areas such as regional cooperation, public–private partnerships, structuring, and project financing. The MOU also gives ADB permission to use the complete range of services and products it offers to assist ASEAN nations and project sponsors with the implementation and risk management of renewable energy projects in the region.
“The clean energy transition demands high-impact collaboration across ASEAN and a diverse range of financing sources,” said ADB Vice-President for East and Southeast Asia and the Pacific Ahmed M. Saeed. “ADB is honoured to partner with EMA in its effort to transform the energy landscape in ASEAN. Investing in clean energy not only puts us on a path to net zero, but it increases prospects for strong and sustainable growth.”
“This collaboration will combine the expertise and resources of EMA and ADB to further unlock the potential for low-carbon electricity to power the region, and boost efforts to decarbonise our power sector through imports of low-carbon electricity,” added EMA Chief Executive Ngiam Shih Chun.
As Asia and the Pacific’s climate bank, ADB has raised its ambition to deliver US$100 billion in climate finance across the region from 2019 to 2030 as Asia and the Pacific’s climate bank, while also supporting a number of projects to aid nations in making the transition to low-carbon economies and strengthening their ability to withstand the effects of climate change.