The Asian Development Bank (ADB) has renewed a memorandum of understanding (MOU) with the International Energy Agency (IEA) in order to increase collaboration and advance progress on sustainability with an increased focus on the energy sector in Asia and the Pacific.
“The energy sector is a major driver of human development and growth, mainly in the course of recovery from the impacts put on by the coronavirus (COVID-19) outbreak,” said Masatsugu Asakawa the President of ADB.
“We are happy to renew our concord with International Energy Agency, which makes happen our successful collaboration to date, and we look forward to advancing our shared objective of achieving a more sustainable energy future in Asia and the Pacific,” he added.
Under this three year agreement, both the organizations will share knowledge and best practice in energy sector data and analysis. They will mainly focus on on-the-ground engagement, technology, capacity building, and innovation, and other areas. This will help to bridge evaluative knowledge and experience gaps that were blocking the development of sustainable energy in ADB’s developing countries. This will also improve IEA’s data collection and capacity building efforts in Asia and the Pacific.
For the first time, The Asian Development Bank signed a three year MOU with IEA in March 2017 in order to facilitate knowledge and analytical work to advance clean energy development in ADB’s developing countries. As a part of this project, ADB worked with IEA to study power system flexibility in India in order to integrate more wind and solar energy in the grids.
This renewal agreement (2020) was signed by two countries on the occasion of IEA’s Clean Energy Transitions Summit. In the summit, Asakawa gave a speech at the plenary session to over 50 energy ministers and energy sector leaders.
ADB has invested around USD 23 billion in clean energy, in both sovereign and non-sovereign initiatives. Last year, ADB’s climate financing touched a record USD 6.56 billion, completing its goal of doubling its annual climate investments from 2014. Now, under strategy 2030, ADB is targeting USD 80 billion in cumulative climate financing.