BAKU, Azerbaijan, Jul. 10
Trend:
The Asian Development Bank (ADB) has renewed a memorandum of understanding (MoU) with the International Energy Agency (IEA) to scale up collaboration and advance progress on sustainability with increased focus on energy sector resilience in Asia and the Pacific, Trend reports with reference to ADB.
Under the 3-year agreement, the two organizations will share knowledge and best practice in energy sector data and analysis, on-the-ground engagement, capacity building, technology, and innovation, among other areas.
This will help to overcome critical knowledge and experience gaps blocking the development of sustainable energy systems in ADB's developing member countries and enhance IEA’s data collection and capacity building efforts in Asia and the Pacific.
ADB first signed a 3-year MOU with IEA in March 2017 to facilitate knowledge and analytical work to advance clean energy development in ADB’s developing member countries. As part of this, ADB worked with IEA to study power system flexibility in India to integrate more solar and wind energy in the grids.
The renewal agreement was signed on the occasion of IEA’s Clean Energy Transitions Summit. Last month, IEA Executive Director Fatih Birol delivered the keynote address at ADB’s 15th Asia Clean Energy Forum 2020. IEA is a knowledge partner of ADB’s leading annual energy forum.
ADB invested more than $23 billion in clean energy, including both sovereign and non-sovereign initiatives from 2008 to 2019. Last year, ADB’s climate financing reached a record $6.5 billion, meeting its target of doubling its annual climate investments from 2014 one year ahead of schedule.
Under Strategy 2030, ADB is targeting $80 billion in cumulative climate financing from its own resources by 2030 and for at least 75 percent of its country operations to feature climate adaptation and mitigation initiatives.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members - 49 from the region.