MANILA, July 11 — The Asian Development Bank (ADB) and the Energy Market Authority (EMA) of Singapore have signed a memorandum of understanding (MoU) that paves the way for the development of renewable energy generation and transmission across the Association of Southeast Asian Nations (Asean) region while supporting the establishment of the Asean Power Grid, the Manila-based bank said today.
The multilateral lender said the partnership will boost Singapore’s efforts to decarbonise its power sector and import clean electricity from the region, reported Xinhua.
EMA Chief Executive Ngiam Shih Chun said the 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.”
As Asia and the Pacific’s climate bank, the ADB has raised its ambition to deliver US$100 billion (RM465 billion) in climate financing across the region from 2019 to 2030 while supporting a range of initiatives to help countries transition to low-carbon economies and build resilience to the impacts of climate change. — Bernama-Xinhua
