MILAN, Italy, May 7. The Asian Development Bank (ADB) is deepening its commitment to supporting the clean energy transition across Asia by focusing on renewable energy, energy storage, and grid infrastructure, said Scott Morris, ADB Vice-President for East Asia, Southeast Asia and the Pacific, during the closing session of the Bank’s 58th Annual Meeting, Trend’s special correspondent reports from Milan.
Morris underscored that ADB’s approach to energy investment is increasingly centered on partnerships that mobilize private sector funding and innovation.
“We already have a track record of making big commitments around renewable energy as the anchor of meeting these energy needs going forward,” he said. “We have a lot of models of success, but also of innovation that rely on the private sector using blending arrangements that incentivize these investments.”
He noted that while the fundamentals of energy transition have long been clear, today’s focus is shifting toward solving structural barriers such as inadequate transmission infrastructure and the lack of energy storage systems.
“We need effective transmission for energy, and then really to make renewable energy the anchor that it needs to be, we need energy storage,” Morris said. “So much of the discussion now is focused on that.”
Morris pointed to the importance of regional cooperation and market creation to drive scale, efficiency, and long-term development benefits in the energy sector.
“The best way to meet renewable energy needs within each country is to create a regional market. That not only addresses energy needs but also creates opportunities for development and progress,” he added.
ADB’s leadership also reaffirmed its intention to continue guiding complex regional initiatives that require both financing and policy dialogue to overcome political and technical challenges.