The FINANCIAL — The Asian Development Bank’s (ADB) portfolio of energy investments in the Pacific region will exceed $500 million by 2016, supporting the region’s drive to cut reliance on fossil fuels and to scale up the use of sustainable, low carbon power sources, a new ADB report said.
“ADB’s energy operations in the Pacific aim to boost energy security, support low-carbon growth and help expand access to modern energy services,” said Michael Trainor, Energy Specialist in ADB’s Pacific Department. “Our energy policy rests on promoting energy efficiency, renewable energy, capacity building, and energy sector reform.”
The Pacific Energy Update 2015 says ADB’s energy investments have increased access to electricity across the region, upgraded transmission and distribution systems, and expanded the share of renewable energy in countries’ energy balances. ADB has also helped promote energy efficiency and raised the capacity of government energy agencies to plan and promote public and private investment in the sector, according to ADB.
The report highlights country-by-country pipelines of energy projects and technical assistance, which Pacific governments have prioritized for ADB assistance. The report also provides a summary of existing operations in Cook Islands, Fiji, Federated States of Micronesia, Marshall Islands, Nauru, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu, as well as regional initiatives.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion.